The National Company Law Tribunal (NCLT) has issued a notice to Think & Learn Pvt Ltd, the company behind the online educational platform Byju’s. This comes in response to a petition filed by the Board of Control for Cricket in India (BCCI), claiming outstanding dues of Rs 158 crore. The BCCI has filed the petition as an operational creditor under section 9 of the Insolvency & Bankruptcy Code 2016.
The NCLT, based in Bengaluru, admitted the BCCI’s plea and issued the notice to Think & Learn on November 28, 2023. The tribunal has granted two weeks to Think & Learn to file a reply, followed by one week for the BCCI to file a rejoinder after serving a copy to the opposite party. The matter is scheduled to be listed for the next hearing on December 22, 2023.
During the proceedings, the BCCI’s counsel informed the NCLT that a general notice was sent to Byju’s via email on January 6, 2023, stating the default amount of Rs 158 crore, excluding TDS. Byju’s became associated with the BCCI in 2019, when the mobile manufacturer Oppo transferred its sponsorship rights to the online tutorial firm.
This development highlights a legal dispute between the BCCI and Byju’s, with the NCLT now involved in resolving the matter. As the proceedings continue, all parties involved will await the next hearing on December 22, 2023, to gain further clarity on the case.
Topics: BCCI, Byju’s, NCLT, Think & Learn, Insolvency & Bankruptcy Code, operational creditor, dues, sponsorship rights.
