BCCI Plea Against BYJU’s: NCLT Accepts Insolvency Plea Filed by Board of Control for Cricket in India Against Embattled Edtech Firm
The National Company Law Tribunal (NCLT) on Tuesday accepted the plea filed by the Board of Control for Cricket in India (BCCI) against the embattled ed-tech firm Byju's by admitting its parent company, Think and Learn Pvt Ltd, into the insolvency resolution process.
Bengaluru, July 16: The National Company Law Tribunal (NCLT) on Tuesday accepted the plea filed by the Board of Control for Cricket in India (BCCI) against the embattled ed-tech firm Byju's by admitting its parent company, Think and Learn Pvt Ltd, into the insolvency resolution process. According to sources close to the development, the company is planning to challenge the NCLT order in the National Company Law Appellate Tribunal (NCLAT).
A Byju's spokesperson said in a statement that they wish to reach an amicable settlement with the BCCI. "We are confident that, despite this order, a settlement can be reached. In the meantime, our lawyers are reviewing the order and will take necessary steps to protect the company's interests," said the spokesperson. Paytm Gets Administrative Warning From SEBI Over Old Transactions, Shares Down Nearly 2%, Company Responds; Check Details.
The BCCI had moved the NCLT to initiate an insolvency petition against the ed-tech firm last year, claiming a default in payment amounting to Rs 158 crore. The BCCI had cited bankruptcy and insolvency regulations in its plea against Byju's. Late last month, the Ministry of Corporate Affairs (MCA) clarified that it has not given Byju's a clean chit over financial fraud as the investigation into the matter is still going on. Average Revenue per User for Indian Telcos To Cross INR 225 by FY26 Amid Tariff Hikes, Says Report.
Reacting to reports, the Ministry said, "The proceedings initiated by the MCA under the Companies Act, 2013, are still ongoing and no conclusion should be drawn in this matter at this stage".
(The above story first appeared on LatestLY on Jul 16, 2024 04:53 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).