NCLT admits BCCI's plea seeking insolvency proceedings against Byju's
NCLT) on Tuesday admitted edtech firm Byju’s parent company Think and Learn into insolvency over unpaid dues of Rs 158 crore related to sponsorship rights from the Board of Control for Cricket in India (BCCI).
The tribunal has appointed Pankaj Srivastava as the interim resolution professional who will run the company until a Committee of Creditors (CoC) is constituted.
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The NCLT observed that all the ingredients for admitting Byju's into insolvency existed: a debt and default in debt payment.
As Byju's is admitted into insolvency, the current management of the edtech firm stands automatically suspended.
Further, Byju’s assets will be protected under moratorium, preventing any transfer or sale of its assets and institution of any new suits against it. This will have repercussions on scores of other suits against Byju's pending before the tribunal.
«As we have always maintained, we wish to reach an amicable settlement with the BCCI and we are confident that, despite this order, a settlement can be
