NCLT admits insolvency plea against Byju’s
Embattled ed-tech firm to challenge the order in NCLAT
image for illustrative purpose
Byju’s in trouble
- BCCI for insolvency process claiming default in Rs158-cr payment
- MCA has not given Byju’s a clean chit over financial fraud
- Investigation into the matter still going on
Bengaluru: National Company Law Tribunal (NCLT) on Tuesday accepted the plea filed by the Board of Control for Cricket in India (BCCI) against the embattled ed-tech firm Byju’s by admitting its parent company, Think and Learn Pvt Ltd, into the insolvency resolution process.
According to sources close to the development, the company is planning to challenge the NCLT order in the National Company Law Appellate Tribunal (NCLAT). A Byju’s spokesperson said in a statement that they wish to reach an amicable settlement with the BCCI. “We are confident that, despite this order, a settlement can be reached.
In the meantime, our lawyers are reviewing the order and will take necessary steps to protect the company’s interests,” said the spokesperson. The BCCI had moved the NCLT to initiate an insolvency petition against the ed-tech firm last year, claiming a default in payment amounting to Rs158 crore.
