NCLAT defers edtech major Byju’s, BCCI settlement after lender alert

The Board of Control for Cricket in India (BCCI) on Wednesday informed the National Company Law Appellate Tribunal (NCLAT) that it has arrived at a settlement with Byju’s about the payment of Rs 158.90 crore in dues that the edtech firm owes to the cricket body. These dues are related to cricket jersey sponsorship deals.

Following the submission, the Chennai Bench of the NCLAT deferred the formation of Committee of Creditors (CoC) till August 1, when the case will be heard again. The Bench did not pass an order on the matter as a group of US-based lenders opposed the settlement, claiming that the money belongs to them and not Byju Raveendran.