Byju's moves NCLAT against NCLT's insolvency order; seeks urgent hearing
Byju's has moved the National Company Law Appellate Tribunal (NCLAT) against the recent order of NCLT that allowed cricket board BCCI's petition for initiating insolvency proceedings against the once-famed edtech company, sources said. Sources privy to the development said that the company is seeking an urgent hearing on the matter.
Byju's did not comment on the issue.
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Offering CollegeCourseWebsiteIIT DelhiCertificate Programme in Data Science & Machine LearningVisitMIT xPROMIT Technology Leadership and InnovationVisitIndian School of BusinessProfessional Certificate in Product ManagementVisitAccording to sources, Byju's on Thursday moved the appellate tribunal, NCLAT, contesting the recent order of NCLT's Bengaluru bench that had admitted the cricket board's plea to start insolvency proceedings against the parent company Think and Learn, after the edtech firm failed to pay Rs 158.9 crore dues.
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Founder and CEO Byju Raveendran will report to the resolution professional. NCLT has appointed Pankaj Srivastava as the interim resolution professional.
Byju's had previously sponsored the Indian cricket team.
Earlier this week, Byju's had said it is hopeful of reaching «an amicable settlement» with the Board of Control for Cricket in India (BCCI).
A Byju's spokesperson had said: «As we have always maintained, we wish to reach an amicable settlement with BCCI and we are confident that, despite this order, a settlement can be reached. In the meantime, our lawyers
