BCCI filed the plea before the NCLT at Bengaluru after Byju’s reportedly failed to pay the amount due to BCCI under a sponsorship contract for the Indian cricket team.
The Board of Control for Cricket in India (BCCI) has approached the National Company Law Tribunal (NCLT) at Bengaluru to initiate corporate insolvency proceedings against EdTech company, Byju’s for allegedly defaulting on the payment of ₹158 crores [BCCI v. M/s. Think & Learn Pvt. Ltd.]
On November 28, the coram of judicial member K Bishwal and technical member Manoj Kumar Dubey sought a response from Byju’s in the matter.
The NCLT was informed that Byju’s was sent a notice on January 6 this year over the payment of an amount of ₹158 crores excluding TDS (tax deducted at source) amounts.
The tribunal proceeded to issue notice to Byju’s and asked the company to file its reply within two weeks.
The matter is slated to be heard next on December 22.
As per reports, the dues cited by BCCI were payable in respect of a contract to sponsor the jerseys of the Indian cricket team.
The sponsorship contract was entered into between BCCI and Byju’s initially in 2019, when it took over sponsoring the cricket team’s jerseys from mobile phone manufacturer OPPO.
As per reports, this contract initially ended in 2022 but it was later extended for 2023.
