NCLT Defers Hearing For BCCI's Insolvency Plea Against Byju's
The tribunal had previously issued a formal notice to the edtech, following initiation of insolvency proceedings by the BCCI.
The National Company Law Tribunal is set to convene on Jan. 17 to hear the insolvency plea filed by the Board of Control for Cricket in India against Byju's operator Think & Learn Pvt.
The NCLT is hearing BCCI-initiated insolvency proceedings against Byju's, prompting a legal response from the company.
The tribunal had previously issued a formal notice to the edtech, following the initiation of insolvency proceedings by the BCCI. As per the last order, the NCLT directed its registry to issue the notice, and the BCCI's counsel had been authorised to collect and serve it to Byju's.
The company had acknowledged the legal proceedings and is actively engaged in discussions with the BCCI, in an effort to reach a settlement, it said in a statement. A spokesperson for Byju's had expressed optimism about resolving the matter amicably.
A general notice was sent to the company via email on Jan. 6, 2023, citing a payment default on the part of the edtech. A default amount of Rs 158 crore, excluding tax deducted at source, was indicated in the attached invoices within the case documents.
