NEW DELHI: Nationwide Firm Regulation Tribunal on Tuesday admitted the BCCI‘s software searching for insolvency proceedings in opposition to Byju’s.
This got here after the legislation tribunal mentioned that “it can’t be disputed” that the guardian of the ed tech agency, Assume & Study Personal Restricted, had availed the companies of the cricket board and had defaulted on over 1.59 billion rupees ($19.02 million).
Byju’s has confronted important challenges lately, leading to dwindling investor belief, in depth layoffs, and a steep drop in valuation to beneath $3 billion from a peak of $22 billion in 2022.
Final yr, the cricket board had dragged Byju’s to NCLT for non-payment of Rs 160 crore sponsorship cash after the expiry of contract.
“We’re in discussions with the BCCI to settle the matter and we hope to attain that quickly,” an organization spokesperson had then mentioned.
The dispute revolves round a sponsorship contract that concluded in March 2022. Regardless of Byju’s need to withdraw throughout a funding slowdown, BCCI, dealing with a sponsorship transition, satisfied the corporate to increase its sponsorship briefly till a brand new sponsor could possibly be secured.
The ed tech agency prolonged the sponsorship until November 2022. The cricket board additional persuaded the agency to increase sponsorship until March 2023.
This got here after the legislation tribunal mentioned that “it can’t be disputed” that the guardian of the ed tech agency, Assume & Study Personal Restricted, had availed the companies of the cricket board and had defaulted on over 1.59 billion rupees ($19.02 million).
Byju’s has confronted important challenges lately, leading to dwindling investor belief, in depth layoffs, and a steep drop in valuation to beneath $3 billion from a peak of $22 billion in 2022.
Final yr, the cricket board had dragged Byju’s to NCLT for non-payment of Rs 160 crore sponsorship cash after the expiry of contract.
“We’re in discussions with the BCCI to settle the matter and we hope to attain that quickly,” an organization spokesperson had then mentioned.
The dispute revolves round a sponsorship contract that concluded in March 2022. Regardless of Byju’s need to withdraw throughout a funding slowdown, BCCI, dealing with a sponsorship transition, satisfied the corporate to increase its sponsorship briefly till a brand new sponsor could possibly be secured.
The ed tech agency prolonged the sponsorship until November 2022. The cricket board additional persuaded the agency to increase sponsorship until March 2023.
