National Company Law Appellate Tribunal clears Byju’s deal with BCCI to settle dues

The National Company Law Appellate Tribunal (NCLAT) on Friday approved the settlement proposed by the founders of Byju’s with the Board of Control for Cricket in India (BCCI), paving the way for the embattled edtech firm to exit the insolvency process.

The NCLAT Chennai bench comprising judicial member Rakesh Kumar Jain and technical member Jatindranath Swain set aside the insolvency order of the National Company Law Tribunal (NCLT) but warned any failure to make payments on the specific dates mentioned in the undertaking would automatically lead to revival of the insolvency proceedings against Byju’s.