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?
ODI World Cup 2023: Advertisements, airlines and hotels paid off, BCCI pays dues
Sports and management company 21st Century Media has received the highest payment of Rs 39 crore from BCCI. ICC Cricket World Cup (Image Credit- Twitter) The Indian cricket team had performed very well in the ICC Cricket World Cup 2023. The team made it to the finals of the World Cup by winning 10 consecutive matches. However, Team India had to face defeat at the hands of Australia in the final of the World Cup. This was the first time that the entire World Cup was hosted by India. So, India’s advertising, airlines and hotel companies have benefited a lot from this World Cup. The Board of Control for Cricket in India has recently cleared the outstanding bills of all the people. BCCI gave information Let us tell you that the information about payment of more than 25 lakhs has been officially announced by BCCI. Among these outstanding payments, BCCI has made the biggest payment to sports marketing company TCM (21st Century Media). The entire marketing work during the World Cup was done by this firm, which also included the mid-innings ceremony during the final match. For this, BCCI has paid Rs 38.60 crore to this firm. Apart from this, Rs 23.47 crore has been paid to Media Investment Group M for media management. Whereas Vistara has been paid Rs 8 crore for its services, DNA Entertainment has been paid Rs 6.9 crore and Akasha Air has been paid Rs 3 crore. Apart from this, BCCI has paid Rs 2.9 crore to transport company KTC India Pvt Ltd, Rs 2.5 crore to ITC Hotel and Rs 2 crore to Spyjet. Also, these payments do not include information on minor expenses of the tournament before November 2023. So, roughly, BCCI has paid Rs 16 crore to the airlines which include Akasha, SpiceJet and Vistara Airlines. Also, BCCI has paid Rs 10.4 crore to the hotels in which the players stayed during the World Cup. These hotels include hotels like Radisson Blu, ITC, Taj and Nariman Point. Also read- Aditya Birla Group leads the race to get title sponsorship of IPL IPL 2024: Pat Cummins will captain..! Know SRH’s playing XI Top 4 partnerships of T20I cricket from India 5 Australian players who scored the fastest 4 thousand test runs These 5 Indian players will be out of T20 World Cup 2024 IPL 2024: Rishabh Pant returns, know how the playing XI of Delhi Capitals will be. 5 Indian players who have scored the most centuries in Test cricket against England Top 4 players who have scored most consecutive half centuries in T20 cricket 5 players who have taken the most catches in T20i cricket 4 players who have bowled the most dot balls in cricket (all-format and active players) 5 Indian batsmen who have scored the most runs in their career in first class cricket
