BCCI told to seek creditor nod for ₹158 cr Byju's settlement

The Bangalore insolvency court on Monday directed the Board of Control for Cricket in India (BCCI) to submit a ₹158 crore settlement plea before the Committee of Creditors (CoC) to obtain approval for its settlement with bankrupt edtech firm Byju's to facilitate its exit from insolvency.

- Krishna Yadav

This decision follows a 7 February order from the National Company Law Appellate Tribunal (NCLAT), which instructed the National Company Law Tribunal (NCLT) to decide on BCCI's plea within 10 days.

Byju's sought a settlement after its suspended management cleared the ₹158 crore dues—an amount owed under a sponsorship agreement with the BCCI.

While the NCLT has now permitted the plea, it ruled that BCCI must first seek CoC approval as mandated by the Insolvency and Bankruptcy Code (IBC). Under Section 12A of the IBC, an insolvency withdrawal requires a 90% voting approval from the CoC.