NCLT admits BCCI's insolvency plea against Byju's for non-payment of Rs 158 crore in sponsorship dues.
The National Company Law Tribunal (NCLT) in India has admitted an insolvency plea filed by the Board of Control for Cricket in India (BCCI) against ed-tech firm Byju's. The plea is related to the non-payment of dues of approximately Rs 158 crore ($21 million) under a sponsorship contract for the Indian cricket team. The NCLT has appointed Pankaj Srivastava as an interim resolution professional to run the company until a committee of creditors is formed. Byju's has faced financial difficulties in recent years, causing a decline in investor trust and leading to significant layoffs.
July 16, 2024
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