DTVHINDIUS court’s decision in India’s favour, BYJU’s will soon pay BCCI dues of Rs 158 crore
This matter between Byju and BCCI was in court for a long time BCCI (Image Credit- Twitter X) Recently, last week, the National Company Law Appellate Tribunal (NCLAT) gave its verdict on the Board of Control for Cricket in India (BCCI)’s outstanding dues to edtech company BYJU’s amounting to Rs 158 crore. In this decision of NCLAT, the company had to pay the dues to BCCI. However, GLAS Trust Company, a US firm that provided funds to Byju, objected to this decision and said that the company was using ill-gotten money for the payment. So, in relation to this decision of NCLAT, GLAS Trust Company filed an appeal in a US court, on which the statement of the US court has now come out. The US court has given the verdict in favor of India. While giving the verdict, the judge of this court said, as quoted by Business Standard – I am deeply concerned that I am being asked for such relief which will make the proceedings in another country fail. During the hearing of the case in the US, Byju’s was represented by Sharon Korpus via video conferencing. In his response, Korpus claimed that the US company had tried to keep the bankruptcy proceedings against BYJU’s active, which were halted due to the settlement being allowed by the tribunal. Korpus also said that this would mean an insult to India’s judicial system. BCCI owes Rs 158 crore It is worth noting that Byju’s was the main sponsor of the Indian cricket team till November 2023. During this time, the BCCI kept speaking to the board company repeatedly for payment of the outstanding bill. Due to the delay in payment by Byju’s, this amount increased to 158 crores. After this, the cricket board ended its relationship with the company as a sponsor, and filed an appeal in NCLAT for the outstanding amount, the decision of which has recently come in favor of the board.
Byju’s may be in trouble, tribunal accepted BCCI’s plea for dues, know what is the whole matter?
The matter is of outstanding amount of Rs 158 crore Byju’s and BCCI (Image Credit- Twitter X) The troubles of the country’s edtech giant Byju’s are going to increase very soon. Let us tell you that the National Company Law Tribunal (NCLT) has accepted a petition related to the outstanding amount of Rs 158 crore on the company of the Board of Control for Cricket in India (BCCI). It is worth noting that this dispute dates back to September 2023, when the BCCI filed a petition in the Bengaluru bench of NCLT against Byju’s parent company Think & Learn Pvt Ltd. The Apex Cricket Board has claimed in its petition that the company has made a major default in paying the outstanding sponsorship amount. So the NCLT bench in its order said that Byju had availed the services of BCCI through sponsorship rights and there was clear evidence of the debt owed on it. The tribunal examined the trail of emails between the two parties, which fully defined the amount owed and the state of insolvency. BCCI owes this much amount of crores According to a statement issued by NCLT on the said issue, it has been stated that the general notice was issued to Byju’s via email dated 06.01.2023 and the outstanding sponsorship amount is Rs 158 crores excluding TDS (tax deduction at source), as shown in the outstanding bills. Among these bills, BCCI has shown a total of 12 bills as evidence to the tribunal, in which Indian cricket team players were seen playing wearing jerseys having the company’s logo during foreign tours and series. The first default happened on August 21, 2022, when the BCCI owed 50 per cent of the amount to the company. Despite Byju allowing the BCCI to encash the bank guarantee of Rs 143 crore in January 2023, the outstanding amount still stands at Rs 158.9 crore. Well, now it remains to be seen when Byju is going to pay the dues to BCCI?
