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BCCI is in talks with Byju’s to repay pending dues of Rs 158 crore.
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NCLT ordered insolvency proceedings against Byju’s after BCCI’s appeal over non-payment of dues.
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Byju’s CEO Byju Raveendran filed petitions to challenge the insolvency order and sought suspension.
The Board of Control for Cricket in India (BCCI) is in settlement talks with edtech company Byju’s over repayment of pending dues of Rs 158 crore. This comes after the National Company Law Tribunal (NCLT) Karnataka ordered insolvency proceedings against Byju’s following BCCI’s appeal.
Byju’s CEO Byju Raveendran had filed petitions in the Karnataka High Court seeking to challenge the validity of the insolvency order and suspension of the order. However, the court deferred the plea, and the matter is now scheduled to be heard on July 31.
The insolvency proceedings have raised concerns about the impact on Byju’s employees and services. Byju Raveendran stated that the proceedings would force thousands of employees to quit, resulting in a total shutdown of services. The company has around 27,000 employees, including 16,000 teachers.
