NCLT admits Byju’s parent Think & Learn into insolvency over BCCI dues

The National Company Law Tribunal (NCLT) on Tuesday, admitted the ed-tech giant Byju’s parent company, Think and Learn Pvt Ltd, into an insolvency resolution process. This action comes in response to a plea filed by the Board of Control for Cricket in India (BCCI) over unpaid dues.

The NCLT’s decision on July 16 marks the beginning of a Corporate Insolvency Resolution Process (CIRP) for the embattled ed-tech company. The tribunal has appointed Pankaj Srivastava as the interim resolution professional (IRP) tasked with managing the company until a Committee of Creditors (CoC) is established. The IRP will oversee the collation of claims against Think and Learn and assess the company’s financial status to form the CoC.