New Delhi, July 17, 2024.
The Bengaluru bench of National Company Law Tribunal (NCLT) on Tuesday admitted the application of the Board of Control for Cricket in India (BCCI) for initiation of corporate insolvency proceedings against Think & Learn Private Ltd, the parent company of ed-tech firm Byju’s, for defaulting on an amount of Rs 158.90 crore.
The move sets the stage for Byju Raveendran, the founder of what was once India’s most valued startup that used to sponsor the national cricket team, to lose control of his company following the bench’s nod for initiating insolvency proceedings against the edtech firm.
The bench in an order said it cannot be disputed that Byju’s parent company has availed the services of BCCI through sponsorship rights. On examining a trail of e-mails between BCCI and Byju’s, the bench said it is clearly established that “there is an outstanding debt owed to the Operational creditor (BCCI) and there is a default on the part of the Corporate Debtor (Think & Learn)”.