The Board of Control for Cricket in India (BCCI) has asked the National Company Law Tribunal (NCLT) in Bengaluru to commence insolvency proceedings against EdTech major Byju’s for reportedly defaulting the board on the payment of Rs. 158 crore.
The BCCI told the NCLT that a notice was sent to Byju’s on January 6 asking to clear the pending payment of Rs. 158 crore excluding TDS (tax deducted at source).
Following BCCI’s plea, NCLT has given the EdTech company two weeks to file its response. The hearing is set for December 22.
The payment due is regarding a contract between the two parties for sponsorships on the jerseys of the Indian Cricket Team. The contract began in 2019, when Biju’s took over sponsorship from OPPO.
Recent reports suggest that Byju’s is in talks with the BCCI to settle its case before the NCLT.