NCLT Accepts BCCI Insolvency Plea Against Byju's, Ed-Tech Firm To Challenge Decision
Date
7/16/2024 7:00:16 AM
(MENAFN- IANS) Bengaluru, July 16 (IANS) The National Company Law Tribunal (NCLT) on Tuesday accepted the plea filed by the Board of Control for cricket in India (BCCI) against the embattled ed-tech firm Byju's by admitting its parent company, Think and Learn Pvt Ltd, into the insolvency resolution process.
According to sources close to the development, the company is planning to challenge the NCLT order in the National Company Law Appellate Tribunal (NCLAT).
A Byju's spokesperson said in a statement that they wish to reach an amicable settlement with the BCCI.
"We are confident that, despite this order, a settlement can be reached. In the meantime, our lawyers are reviewing the order and will take necessary steps to protect the company's interests," said the spokesperson.
The BCCI had moved the NCLT to initiate an insolvency petition against the ed-tech firm last year, claiming a default in payment amounting to Rs 158 crore.
The BCCI had cited bankruptcy and insolvency regulations in its plea against Byju's.
Late last month, the Ministry of Corporate Affairs (MCA) clarified that it has not given Byju's a clean chit over financial fraud as the investigation into the matter is still going on.
Reacting to reports, the Ministry said, "The proceedings initiated by the MCA under the Companies Act, 2013, are still ongoing and no conclusion should be drawn in this matter at this stage".
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