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Get creditors' nod for Byju's settlement: NCLT to BCCI
Hindustan Times Pune
|February 11, 2025
IF THE COC APPROVES THE SETTLEMENT, BYJU'S COULD EXIT INSOLVENCY, RESTORING CONTROL TO FOUNDER BYJU RAVEENDRAN
NEW DELHI: 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 in order to facilitate the company's exit from insolvency.
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.
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