Byju Raveendra, the founder of embattled edtech Byju’s, and the Board of Control for Cricket in India (BCCI) have reached a settlement in their ₹158-crore sponsorship dues dispute.

The company counsel Arun Kathpalia told the National Company Law Tribunal (NCLT) that the firm paid the BCCI ₹50 crore on July 30, and that the second and third tranches would be paid in the next 10 days. The settlement money is being paid by the edtech founder’s brother and company board member Riju Ravindran.

However, US lenders, Glas Trust Company LLC has opposed the settlement, asserting that the money belongs to them. The bench has asked the founder’s counsel to present an underwriting that discloses the source of the funds being paid to the BCCI. The matter is set to be heard on Thursday.

Insolvency proceedings

The National Company Law Appellate Tribunal (NCLAT) is hearing an appeal against the insolvency proceedings, initiated by the NCLT against Think and Learn, the parent firm of edtech major Byju’s.

On July 26, the Karnataka High Court deferred Raveendran’s plea to suspend the order that admitted Think and Learn Private Ltd into insolvency to July 30. Raveendran has filed two petitions in the Karnataka High Court. One challenges the validity of the order, the second seeks suspension of the order till the NCLAT hears the appeal.

The current and former employees of Byju’s have appointed legal professionals to recover their salaries and benefits, as the deadline of July 31 for filing claims related to unpaid dues from the company nears.

Related Topics