NCLT To Soon Conclude BCCI's Plea Against Byju's
The bench overseeing the proceedings indicated a readiness to issue directions immediately following the conclusion of the hearing on the same day.
The National Company Law Tribunal, Bengaluru, is on track to conclude the hearing regarding the Board of Control for Cricket in India's plea against Byju's by March 20.
During the course of the hearings, the bench overseeing the proceedings indicated a readiness to issue directions immediately following the conclusion of the hearing on the same day.
The heart of the dispute lies in the BCCI's pursuit of insolvency proceedings against Byju's, a move prompted by unpaid dues amounting to Rs. 158 crore.
Throughout the hearings, Byju's consistently vocalised its preference for an amicable resolution through negotiations. However, it's noteworthy that the BCCI did not submit any indication of agreement or willingness to pursue an amicable settlement during the proceedings.
Furthermore, Byju's proposed an alternative route for resolution by suggesting the invocation of arbitral proceedings. However, the BCCI did not concur with this proposal.
In addition to the ongoing legal dispute with the Board of Control for Cricket in India, Byju's faces multiple legal challenges. Notable investors, including Prosus, General Atlantic, Sofina, and Peak XV Partners, have filed a suit with the NCLT, alleging financial mismanagement and oppression.
Other entities, such as MIH Edtech Investments BV, GLAS Trust Company LLC, Surfer Technologies Pvt., and Teleperformance Business Services India Ltd., have initiated insolvency proceedings against Byju's.
