Byju’s, the troubled ed-tech company, is working to resolve its payment dispute with the Board of Control for Cricket in India (BCCI). Lawyers from both sides informed the National Company Law Appellate Tribunal (NCLAT) on Tuesday, July 30, that the company is taking steps to settle its outstanding dues.
On Tuesday, Byju’s transferred ₹500 million to the BCCI, marking the first payment towards resolving the issue, according to sources cited by Bloomberg.
Arun Kathpalia, the lawyer representing Byju’s, mentioned that the company has “almost resolved” the dispute and plans to make another payment by the end of the day. A BCCI lawyer confirmed that settlement talks are ongoing. The NCLAT will continue the hearing on this matter on Wednesday.
Earlier, on July 16, a lower court admitted Byju’s into the Corporate Insolvency Resolution Process (CIRP) following a petition by the BCCI over unpaid dues amounting to ₹1.59 billion. This led to the appointment of a resolution professional to manage the company, taking control from CEO Byju Raveendran.
If the court decides to withdraw the insolvency proceedings, it would be a significant relief for Byju’s. The BCCI needs to officially inform the court before the case can be withdrawn.
Byju’s, once valued at $22 billion, became a prominent startup during the Covid-19 pandemic but is now facing several legal and financial challenges. The company is involved in multiple insolvency cases both in India and abroad.
Byju’s declined to comment on the development, and Bloomberg’s attempts to reach the BCCI for comments were unanswered.
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