Ai bot
MUMBAI: Troubled edtech startup Byju’s and BCCI are close to resolving a dispute over non-payment of Rs 159 crore in dues the company owes the cricket governing body, sources said. A resolution may open a window for Byju’s to escape insolvency.
“Some talks are on and to show bona fide, Byju’s has transferred Rs 50 crore today (Tuesday) to the BCCI,” sources directly involved in the process told TOI.Byju’s is being represented by MZM Legal.
Lawyers representing both the parties on Tuesday told the National Company Law Appellate Tribunal that they are in active talks to settle the dispute. The NCLAT will hear the matter again on Wednesday. Byju’s declined to comment. The resolution of the dispute is key to salvaging the once high-flying startup which has been admitted to corporate insolvency resolution process by the National Company Law Tribunal on a plea filed by the BCCI.
The NCLT order essentially means that founder and CEO Byju Raveendran has lost control of the company he founded more than a decade ago. Raveendran, who had earlier disregarded calls by majority of investors to step aside as the CEO, instead seeking legal protection against their move has been using all legal recourses at his disposal to navigate the dispute with the BCCI, having moved the Karnataka HC twice on the matter.
Separately, the Karnataka HC on Tuesday disposed of Raveendran’s petition seeking suspension of the NCLT order which allowed initiation of insolvency proceedings against Byju’s. The plea was disposed as the NCLAT started hearing the matter.
“Some talks are on and to show bona fide, Byju’s has transferred Rs 50 crore today (Tuesday) to the BCCI,” sources directly involved in the process told TOI.Byju’s is being represented by MZM Legal.
Lawyers representing both the parties on Tuesday told the National Company Law Appellate Tribunal that they are in active talks to settle the dispute. The NCLAT will hear the matter again on Wednesday. Byju’s declined to comment. The resolution of the dispute is key to salvaging the once high-flying startup which has been admitted to corporate insolvency resolution process by the National Company Law Tribunal on a plea filed by the BCCI.
The NCLT order essentially means that founder and CEO Byju Raveendran has lost control of the company he founded more than a decade ago. Raveendran, who had earlier disregarded calls by majority of investors to step aside as the CEO, instead seeking legal protection against their move has been using all legal recourses at his disposal to navigate the dispute with the BCCI, having moved the Karnataka HC twice on the matter.
Separately, the Karnataka HC on Tuesday disposed of Raveendran’s petition seeking suspension of the NCLT order which allowed initiation of insolvency proceedings against Byju’s. The plea was disposed as the NCLAT started hearing the matter.
We also published the following articles recently
Byju Raveendran moves fresh plea in Karnataka high court against insolvency order
Byju Raveendran filed a new writ petition in the Karnataka High Court, seeking to suspend the insolvency proceedings against Byju’s, initiated by the NCLT. This comes after losing control of the company valued at $22 billion. The interim resolution professional, Pankaj Srivastava, has started forming a committee of creditors, escalating the urgency of Raveendran’s move.
Byju Raveendran filed a new writ petition in the Karnataka High Court, seeking to suspend the insolvency proceedings against Byju’s, initiated by the NCLT. This comes after losing control of the company valued at $22 billion. The interim resolution professional, Pankaj Srivastava, has started forming a committee of creditors, escalating the urgency of Raveendran’s move.
NCLAT judicial member recuses himself from Bjyus plea challenging insolvency
In a recent development, Justice Sharad Kumar Sharma of the NCLAT Chennai bench recused himself from Byju Raveendran’s plea seeking an interim stay on insolvency proceedings against Think & Learn Pvt Ltd. He cited his regular counsel role for the BCCI, which initiated the insolvency request over unpaid dues of Rs 159 crore.
In a recent development, Justice Sharad Kumar Sharma of the NCLAT Chennai bench recused himself from Byju Raveendran’s plea seeking an interim stay on insolvency proceedings against Think & Learn Pvt Ltd. He cited his regular counsel role for the BCCI, which initiated the insolvency request over unpaid dues of Rs 159 crore.
