NCLT notice to Byju’s over ₹158 crore BCCI dues
1 year ago

NCLT notice to Byju’s over ₹158 crore BCCI dues

Hindustan Times  

The Board of Control for Cricket in India has approached the National Company Law Tribunal in Bengaluru to initiate corporate insolvency proceedings against its former sponsor Byju’s for alleged default in the payment of Rs158 crore. A man walks past an advertising hoarding of Byju's, an Education Technology company and one of India's biggest startup, outside one of its branches in New Delhi The tribunal has issued notice to the ed tech major and its response has been sought. It amounted to paying BCCI Rs4.61 crore per bilateral match and Rs1.51 crore per match in an ICC event. However, its business ran into trouble and to cut heavy marketing spends it wrote to BCCI seeking the encashment of its contract bank guarantee amounting to Rs140 crore.

History of this topic

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