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New Delhi<\/strong>: The National Company Law Tribunal (NCLT) on Tuesday admitted edtech firm Byju\u2019s parent company Think and Learn into insolvency over unpaid dues of Rs 158 crore related to sponsorship rights from the Board of Control for Cricket in India (BCCI).<\/p>\n The tribunal has appointed Pankaj Srivastava as the interim resolution professional who will run the company until a Committee of Creditors (CoC) is constituted.<\/p>\n \u201cThe Interim Resolution Professional shall after collation of all the claims received against Think and Learn Pvt Ltd the Corporate Debtor and the determination of the financial position of the Corporate Debtor, constitute a Committee of Creditors,\u201d the order said.<\/p>\n The NCLT observed that all the ingredients for admitting Byju\u2019s into insolvency existed: a debt and default in debt payment.<\/p>\n As Byju\u2019s is admitted into insolvency, the current management of the edtech firm stands automatically suspended.<\/p>\n Further, Byju\u2019s assets will be protected under moratorium, preventing any transfer or sale of its assets and institution of any new suits against it. This will have repercussions on scores of other suits against Byju\u2019s pending before the tribunal.<\/p>\n \u201cAs we have always maintained, we wish to reach an amicable settlement with the BCCI and 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\u2019s interests,\u201d said a company spokesperson.<\/p>\n The edtech plans to challenge the order at NCLAT, said sources aware of the development.<\/p>\n BCCI filed an initiation of insolvency petition last September against the edtech firm, claiming a default in payment amounting to Rs 158 crore.<\/p>\n When the case had come up for hearing in November, BCCI\u2019s counsel had informed the tribunal that \u201cthe General notice was issued to Byju\u2019s vide email dated 06.01.2023 and the default amount of Rs 158 crore excluding TDS as reflected in the invoices attached.\u201d<\/p>\n Byju\u2019s initially signed a jersey sponsorship agreement with the BCCI in March 2019 for three years, which was extended by one year.<\/p>\n The company had made the payments up till September 2022, and the dispute pertains to the payments from October 2022 till March 2023.<\/p>\n The company had sought time from the tribunal earlier to settle the case as it had referred the dispute for arbitration.<\/p>\n<\/div>\n [ad_2] [ad_1] New Delhi: The National Company Law Tribunal (NCLT) on Tuesday admitted edtech firm Byju\u2019s parent company Think and Learn into insolvency over unpaid dues of Rs 158 crore related to sponsorship rights from the Board of Control for Cricket in India (BCCI). The tribunal has appointed Pankaj Srivastava as the interim resolution professional who […]<\/p>\n","protected":false},"author":1,"featured_media":35283,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[27],"tags":[],"class_list":["post-35282","post","type-post","status-publish","format-standard","has-post-thumbnail","category-sports"],"jetpack_featured_media_url":"https:\/\/thenftimes.com\/wp-content\/uploads\/2024\/07\/BB1q3Irs.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/posts\/35282","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/comments?post=35282"}],"version-history":[{"count":1,"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/posts\/35282\/revisions"}],"predecessor-version":[{"id":35284,"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/posts\/35282\/revisions\/35284"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/media\/35283"}],"wp:attachment":[{"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/media?parent=35282"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/categories?post=35282"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/tags?post=35282"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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