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Byju’s US lenders are seeking to block the payment of $19 million to BCCI, arguing that the funds should be used to pay off their debts instead.
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The lenders have filed a court application to freeze the assets of Byju’s suspended director, Riju Ravindran, to prevent the transfer of funds to BCCI.
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The National Company Law Appellate Tribunal (NCLAT) has approved a settlement deal between Byju’s and BCCI, allowing the company to exit the insolvency resolution process.
Byju’s US lenders are taking legal action to prevent the company from paying $19 million to the Board of Control for Cricket in India (BCCI). The lenders argue that the funds should be used to pay off their debts instead. They have filed a court application to freeze the assets of Byju’s suspended director, Riju Ravindran, to prevent the transfer of funds to BCCI.
The National Company Law Appellate Tribunal (NCLAT) has approved a settlement deal between Byju’s and BCCI, allowing the company to exit the insolvency resolution process. However, the US lenders have objected to the settlement, claiming that it is compromised. The lenders are owed $1.2 billion and are seeking to recover their debts from Byju’s.
