Insolvency tribunal NCLT has issued notice to Think & Learn Pvt Ltd, which provides online educational services under the brand name of Byju's, over a petition filed by the Board of Control for Cricket in India (BCCI). (Cricket News)
The BCCI has filed a petition claiming dues of Rs 158 crore as an operational creditor under section 9 of the Insolvency & Bankruptcy Code 2016.
Admitting BCCI's plea, a two-member Bengaluru-based bench of the National Company Law Tribunal (NCLT) issued notice to Think & Learn on November 28, 2023.
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The NCLT order further said, "two weeks is granted to the Respondent (Byju's) to file a reply and one week thereafter is granted to the Applicant (BCCI) to file rejoinder, if any, after duly serving the copy on the other side."
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The tribunal has directed to list the matter on December 22, 2023, for the next hearing in this matter.
During the proceedings, BCCI's counsel informed NCLT that a general notice was issued to Byju's through an e-mail dated January 6, 2023, with a default amount of Rs 158 crore, excluding TDS.
Byju's first came on board back in 2019 when mobile manufacturer Oppo transferred the sponsorship rights to the online tutorial firm.
