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BCCI Files Insolvency Plea Against Byju's Over Default In Payment Of INR 158 Crore

image-lpr4570cRohit Sharma, Virat Kohli and Ravi Shastri during a Byju's event in 2021 (x.com)

The Board of Control for Cricket in India (BCCI) has claimed that ed-tech firm Byju’s has defaulted payment of Rs. 158 crores. The board had earlier approached the National Company Law Tribunal (NCLT) in Bengaluru to initiate corporate insolvency proceedings against the EdTech company.


NCLT grant two weeks to Byju’s to file reply

After being approached by the BCCI, the NCLT has granted a period of two weeks to Byju’s to file their reply in the case. Moreover, the tribunal granted an additional week thereafter for the BCCI to file their rejoinder.

As of now, a statement regarding the matter on the NCLT website reads: "It is stated that the General notice was issued to BYJU’s vide email dated 06.01.2023 and the default amount of Rs.158 crore. excluding TDS as reflected."

The Byju’s was sent a notice by the BCCI on January 6 earlier this year over outstanding dues amounting to Rs. 158 crores, excluding TDS (tax deducted at source).

Over their repeated financial troubles, Byju’s decided against renewing their sponsorship deals with the BCCI in January 2023 itself. Moreover, the edtech firm also ended their partnerships with the International Cricket Council (ICC) and Fédération internationale de football association (FIFA).

As per recent updates, Byju’s is in talks with several BCCI officials in order to settle their insolvency dispute before NCLT deadline.