DTVHINDITribunal approves BCCI-BYJU’s appeal for Rs 158 crore settlement
After getting the approval, the Board can be completely assured of receiving its dues. Byju’s and BCCI (Image Credit- Twitter On August 2, an unprecedented decision has come to light regarding the pending sponsorship amount between the Board of Control for Cricket in India (BCCI) and BYJU’s. It is worth noting that the edtech giant BYJU’s was the prime sponsor of the Indian cricket team in the past. So, according to a petition filed by BCCI in the National Law Company Appellate Tribunal (NCLAT), the board owed the company about Rs 158 crore of sponsorship. But now in a decision of NCLAT on August 2, the settlement of BCCI’s dues has been approved. After this decision of the tribunal, BCCI can be completely sure about getting its dues. Although Byju’s founder Byju Ravindran is going to pay this outstanding amount with the help of his brother Reju, he has put a condition in front of the Apex Cricket Board that the bankruptcy (defaulter) process against the company should be stopped immediately. The tribunal has also accepted this demand of the company. After this decision, it is expected that the Interim Resolution Professional (IRP) will no longer interfere in the operations of BYJU. On the other hand, Bar & Bench reports that the settlement decision is being opposed by one of BYJU’s creditors and an American firm GLAS Trust Company LLC. This company believes that BYJU’s is making this settlement with stolen money. Union ministry asks BCCI to stop tobacco advertisements during matches It is worth noting that recently the Health Ministry asked BCCI to ban those advertising brands which promote tobacco and tobacco products. The ministry strictly told the board not to show any such advertisements during breaks during broadcasting and live streaming. Also, such advertisements should not be included in the hoardings present in the stadium.
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?
