BCCI Logo and Byjus Logo. (Photo Source: Twitter)
Think and Learn Private Limited, founded by Byjy Raveendran, acquired the sponsorship rights with the Board of Control for Cricket in India (BCCI), back in 2019 until June 2023. However, the deal took wrong turns as the sponsor had defaulted the board for INR 158 crore, ultimately failing to pay part of the signed amount. The matter was then handled by the National Company Law Appellate Tribunal (NCLAT), which now finally may settle, as Byju’s is said to be in talks with the cricket organization for settlement.
The company founder Raveendran had already filed a couple of petitions with the Karnataka High Court, essentially seeking suspension of BCCI’s plea until the matter a hearing on the matter is made by the tribunal.
“The NCLAT bench has adjourned my appeal to another date to decide on whether one of the judges will have to recuse from the plea. If the Committee of Creditors is formed meanwhile, I will be left remediless, it will become irreversible,” added Abhishek Manu Singhvi, a senior advocate representing Raveendran, as quoted by Moneycontrol.
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Tribunal likely to hear the matter on July 31
Now, the tribunal is all set to take the matter into consideration, as the BCCI has already informed them regarding the ongoing settlement talks. According to Solicitor General Tushar Mehta, the matter will be heard on Wednesday, July 31.
“The matter may be heard tomorrow, they (BCCI and Byju) are in talks,” Mehta told.
Also Read: Tribunal accepts BCCI’s plea for insolvency proceedings against Byju’s
It remains important to note that the BCCI had already pleaded with the authority to accept insolvency proceedings against the EdTech company, which was duly welcomed by the tribunal on July 16. Following the acceptance, Mukul Rohatgi, representing one of Byju’s investors, opened up that they are also in the process of challenging the insolvency order.
Meanwhile, Sharad Kumar Sharma – a judicial member of the NCLAT, who previously has represented the cricket board over some other legal dispute, will not be able to take up the matters in his hands by law.
“I have appeared as a senior counsel for the Board of Control for Cricket in India (BCCI), since they are the main beneficiaries of this order, I cannot take this up,” said Sharma.