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NCLT issues notice to Byju's over BCCI plea claiming ₹158 cr default
NCLT issues notice to Byju's over BCCI plea claiming ₹158 cr default
The BCCI has filed a petition claiming dues of ₹158 crore as an operational creditor under section 9 of the Insolvency & Bankruptcy Code 2016.
Admitting BCCI's plea, a two-member Bengaluru-based bench of the National Company Law Tribunal (NCLT) issued notice to Think & Learn on November 28, 2023.
The NCLT order further said, "two weeks is granted to the Respondent (Byju's) to file a reply and one week thereafter is granted to the Applicant (BCCI) to file rejoinder, if any, after duly serving the copy on the other side."
The tribunal has directed to list the matter on December 22, 2023, for the next hearing in this matter.
During the proceedings, BCCI's counsel informed NCLT that a general notice was issued to Byju's through an e-mail dated January 6, 2023, with a default amount of ₹158 crore, excluding TDS.
Byju's first came on board back in 2019 when mobile manufacturer Oppo transferred the sponsorship rights to the online tutorial firm.
