byjus news: BCCI initiates insolvency plea against Byju’s over unpaid dues

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The Board of Control for Cricket in India (BCCI) has filed a corporate insolvency plea against Byju’s for allegedly defaulting on the payment of Rs 158 crore.

The case is related to the edtech firm terminating its title sponsorship rights deal.

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In November 2022, the BCCI had received an email from Byju’s requesting the termination of their association after the T20 World Cup. The BCCI, however, asked Byju’s to continue the partnership until at least March 31, 2023.

The complaint has been registered with the Bengaluru bench of the National Company Law Tribunal (NCLT). Justices K Biswal and Manoj Dubey have scheduled the next hearing for December 22.

The NCLT was informed that Byju’s was sent a notice on January 6 over the payment of Rs 158 crore, excluding TDS (tax deducted at source).

The tribunal issued a notice to Byju’s and asked the company to file its reply within two weeks.

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“We are in discussions with the BCCI to settle the matter and we hope to achieve that soon,” a Byju’s spokesperson told ET on November 29. The edtech firm has been battling trouble on many fronts since the beginning of this year.

Most recently, technology investor Prosus slashed Byju’s valuation to below $3 billion from its peak of $22 billion.

The company has also been sent a notice for alleged violations of the Foreign Exchange Management Act by the Enforcement Directorate.

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