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The embattled edtech startup, Byju's, is on the verge of resolving a significant financial dispute with the Board of Control for Cricket in India (BCCI). Sources close to the situation reveal that Byju's and the BCCI are actively engaged in negotiations to settle the outstanding Rs 159 crore owed by the company to the cricket governing body. This potential resolution could be a lifeline for Byju's, potentially averting the threat of insolvency proceedings.
As a gesture of good faith, Byju's has reportedly transferred Rs 50 crore to the BCCI on Tuesday. These developments were shared by sources directly involved in the negotiations with The Times of India (TOI). The legal teams representing both parties presented updates on the ongoing talks during a hearing at the National Company Law Appellate Tribunal (NCLAT) on Tuesday. The NCLAT has scheduled another hearing for Wednesday.
The resolution of this debt dispute holds immense importance for the future of Byju's. The National Company Law Tribunal (NCLT) had previously initiated insolvency proceedings against the company due to its failure to repay the BCCI's dues. This order effectively stripped founder and CEO Byju Raveendran of control over the company he established more than a decade ago. In a bid to avert this dire outcome, Raveendran has pursued multiple legal avenues, including filing petitions with the Karnataka High Court, to challenge the NCLT order.
Source: Byju’S: Byju’s close to resolving ₹159cr dispute with BCCI