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.
