Byju's to settle dues with BCCI, transfers Rs 500 million as first installment

The Board of Control for Cricket in India (BCCI) on July 30 informed the National Company Law Appellate Tribunal (NCLAT) that it is in initial settlement talks with Byju Raveendran to settle its dispute with Think and Learn Private Limited. As per reports, the company has transferred Rs 500 million to the cricket board.

Byju's transferred Rs 500 million to the BCCI on Tuesday, reported Bloomberg, quoting people in the know. This is the first payment towards resolving the disagreement.

Byju's has “almost resolved” the dispute over the unpaid fees with the BCCI, and will pay “a certain tranche of the money” by this evening, said Arun Kathpalia, the lawyer who was representing the ed-tech company in the court hearing, as per the news report. A BCCI lawyer also told the court that both the parties were in settlement talks. Solicitor General Tushar Mehta, who appeared for BCCI said "The matter may be heard tomorrow, they are in talks." The NCLAT accordingly adjourned the case to July 31.

Senior advocate Mukul Rohatgi, who appeared for the US-based lenders of the company, told the NCLAT that their plea was disposed of after the insolvency order and he is seeking to appeal the order.

The tribunal agreed to hear all the applications on July 31.

On July 29, justice Sharad Kumar Sharma of the National Company Law Appellate Tribunal (NCLAT) recused himself from hearing Byju's founder Byju Raveendran's plea challenging the order admitting the edtech startup’s parent Think and Learn to bankruptcy on a plea by BCCI.

The NCLT started bankruptcy proceedings against Think and Learn on July 16 on a Board of Control for Cricket in India's plea over the non-payment of Rs 158 crore.