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In 2019, Byjy Raveendran formed Think and Learn Private Limited and obtained sponsorship rights from the Board of Control for Cricket in India (BCCI) till June 2023. The arrangement, however, took a wrong turn when the sponsor failed to pay a portion of the agreed upon money after failing to pay the board INR 158 crore. The National Company Law Appellate Tribunal (NCLAT) took up the case after that, and it may now finally be resolved as Byju’s is reportedly in negotiations with the cricket association.
In a pair of petitions that he had already filed with the Karnataka High Court, the company’s founder Raveendran effectively asked for the suspension of BCCI’s request until the tribunal heard the case.
“In order to determine whether one of the judges must recuse themselves from the plea, the NCLAT bench has postponed my appeal until a later date. According to Moneycontrol, prominent counsel Abhishek Manu Singhvi, who is representing Raveendran, stated, “If the Committee of Creditors is formed in the interim, I will be left remediless and it will become irreversible.”
Most likely, the tribunal will hear the case on July 31.
Having been notified of the continuing settlement talks by the BCCI, the panel is now prepared to evaluate the matter. The case will be heard on Wednesday, July 31, according to Solicitor General Tushar Mehta.
“They (BCCI and Byju) are in talks, so the matter may be heard tomorrow,” Mehta stated.
It is noteworthy that on July 16, the tribunal promptly accepted the BCCI’s appeal for permission to initiate bankruptcy proceedings against the EdTech company. One of Byju’s investors, Mukul Rohatgi, revealed after the acceptance that they are also contesting the insolvency ruling.
Law prohibits Sharad Kumar Sharma, a judge on the NCLAT who has previously defended the cricket body in another legal issue, from taking up the cases that are brought before him.
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“As the primary recipients of this order, the Board of Control for Cricket in India (BCCI) has me as a senior counsel; I am unable to take this up,” Sharma stated.
India
