NCLT to hear BCCI vs BYJU'S case on January 17
What's the story
The National Company Law Tribunal (NCLT) in Bengaluru has set a hearing for January 17 in the high-profile case between the Board of Control for Cricket in India (BCCI) and edtech giant BYJU'S.
The dispute centers on BCCI's request to initiate Insolvency and Bankruptcy Code (IBC) proceedings against BYJU'S for allegedly unpaid dues of Rs. 158 crore under their Indian cricket team sponsorship contract.
Details
BYJU'S challenges maintainability of BCCI's plea
BYJU'S plans to contest BCCI's plea, claiming that its business is healthy and that any concerns are due to negative media coverage.
The company requested more time to prepare a detailed response, arguing that the issue is not a simple case of unpaid dues but a complex payment dispute.
BCCI, however, insists that the only complication is the non-payment of dues.
Insights
BYJU'S faces multiple challenges
This news comes as BYJU'S faces additional challenges, including a show cause notice from the Enforcement Directorate (ED) regarding a FEMA violation case and criticism for delaying full and final settlements for laid-off employees.
The Bengaluru-based company previously postponed the payment date from September to November and announced it would not renew branding partnerships with BCCI, ICC, and FIFA to cut costs and achieve profitability.