NCLT Notice To Byju's On BCCI Insolvency Application
The National Company Law Tribunal has issued a notice to Byju's in the insolvency proceedings initiated against it by the Board of Control for Cricket in India.
According to a recent order, the NCLT instructed the registry to issue a formal notice to Byju's. The BCCI's counsel has been allowed to collect the notice and serve it to the respondent, along with a copy of the application and other relevant documents.
Byju's has been given two weeks to file a reply and an additional week has been granted to the BCCI to file a rejoinder if necessary.
The board filed an insolvency application against the education platform with the NCLT in Bengaluru under Section 9 of the Insolvency and Bankruptcy Code on Sept. 8. The case was officially registered on Nov. 15 and the hearing is scheduled for Dec. 22.
As reported earlier, Byju's has acknowledged the legal proceedings and is currently engaged in discussions with the BCCI to reach a settlement. A spokesperson for Byju's expressed optimism about resolving the matter amicably.
A general notice was issued to Byju's via email on Jan. 6. It mentions a default on part of the edtech platform for an amount of Rs 158 crore, excluding TDS, as indicated in the invoices attached to the case documents.
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