Lawyers, who are representing edtech company Byju’s at the National Company Law Tribunal (NCLT) informed the tribunal that it tendered its application to the arbitration with regards to its dispute with the Board of Control for Cricket in India (BCCI).
But, the NCLT was of the opinion that arbitration may not hinder insolvency proceedings that have been initiated by the BCCI.
NCLT was further informed that Byju’s had been negotiating with the BCCI over its dispute. The ed tech company had filed objections to BCCI’s insolvency plea.
The lawyers of the BCCI denied such negotiations were even taking place. BCCI will be responding to Byju’s objections and arbitration application on Feb 7.
On September 8, 2023, BCCI filed a case where it claimed that Byju’s had defaulted payment of Rs 158 crores. Byju’s had three branding partnerships with BCCI, International Cricket Council (ICC), and Federation Internationale de Football Association (FIFA) which was up for renewal last year. However, the edtech firm confirmed that it would renew any of the associations.
The other fact which troubles the edtech company is that the Enforcement Directorate (ED) sent a show cause notice to Think and Learn Private Limited and Byju Raveendran in the FEMA violation case.