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The Board of Control for Cricket in India (BCCI) has approached the National Company Law Tribunal (NCLT) seeking approval to resolve a payment dispute worth ₹158 crore with edtech major Byju’s.
The move comes after the Supreme Court had squashed the NCLAT order that permitted a settlement between the cricket board and the edtech major, thus reviving the insolvency proceedings against Byju’s. The court had directed the company to deposit the settlement amount in an escrow account managed by the Committee of Creditors (CoC).
US creditor
The bench held that the US firm Glas Trust Company LLC, being a creditor, has the locus to intervene in matters related to the corporate insolvency proceedings at NCLT, NCLAT and in the apex court as an affected party.
The NCLAT had dismissed insolvency proceedings against Byju’s following a settlement with BCCI. But the apex court found this violated the procedures under the Insolvency and Bankruptcy Code (IBC).
NCLT will hear the matter on on November 19.
Byju‘s is undergoing insolvency proceedings and its creditors and lenders have claimed thousands of crores of dues.
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