NCLAT sets aside insolvency plea against Byju’s; approves edtech firm’s settlement with BCCI

In a major relief for edtech firm Byju’s, the National Company Appellate Tribunal (NCLAT) on Friday set aside the insolvency proceedings against it over a sponsorship deal, and approved a Rs 158 crore settlement with the Board of Control for Cricket in India (BCCI).

The NCLAT, however, passed the order with a caveat that any failure to make payments on the specific dates mentioned in the undertaking would automatically lead to a revival of the insolvency proceedings against Byju’s.