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Reached settlement with Byju’s on repayment of Rs 158 cr dues: BCCI to NCLAT
In a major development, the Board of Control for Cricket in India (BCCI) informed the National Company Law Appellate Tribunal (NCLAT) on Wednesday that it has reached a settlement with Byju’s in connection with the repayment of over Rs 158 crore in dues.
Bengaluru: In a major development, the Board of Control for Cricket in India (BCCI) informed the National Company Law Appellate Tribunal (NCLAT) on Wednesday that it has reached a settlement with Byju’s in connection with the repayment of over Rs 158 crore in dues.
Byju’s had accumulated the dues under jersey sponsorship deals.
BCCI submitted to the NCLAT's Chennai bench that Byju’s founder Byju Raveendran made the payment of Rs 50 crore on Tuesday. An additional amount of Rs 25 crore will be paid on Thursday, while the remaining Rs 83 crore will be paid by August 8.
However, the US-based lenders of the edtech firm informed the appellate court that the repayment to BCCI was tainted and funded with 'stolen' money.
Senior counsel Mukul Rohatgi submitted to the court that Byju Raveendran and his brother Riju Raveendran conspired to take away Rs 500 crore as per the findings of the US court.
"This is our money. Mr. Byju is a fugitive, who has now absconded to Dubai following the controversy,” Rohatgi said.
Senior counsel Harish Salve appearing for the BCCI submitted before the court that the cricket body will never accept tainted money.
However, Solicitor General Tushar Mehta, appearing for the BCCI, said the creditors’ concerns were based on assumptions.
Byju Raveendran's counsel replied that some assurance should be given to ensure that the insolvency process against Byju's does not come in the way of the proposed settlement.
The interim resolution professional (IRP) appointed to oversee the insolvency proceedings initiated against Byju's reiterated concerns that Byju's is not cooperating with the process.
"It has been 16 days but they have not given us any access. The coaching centres are shut. I managed to find two laptops but all the data had been deleted," the IRP said.
The appellate tribunal also asked Byju's to file an affidavit or an undertaking to clarify that the money due to its financial creditors will not be used to pay operational creditors such as the BCCI.
On July 16, the Bengaluru bench of NCLT admitted an insolvency plea filed by the BCCI against Think and Learn Private Limited, the parent company of Byju's.
On July 23, Raveendran filed an appeal before the Chennai bench of the NCLAT in the matter.
