Byju's reaches NCLAT against NCLT order, dispute case with BCCI

Byju's, the major learning app, is in another crisis after filing a petition against NCLT, which favored the petition of cricket board BCCI. Company sources concerning this matter told Business Today that the company would try to seek an urgent hearing in the matter. Byju's has made no comment on the matter.

On Thursday, edtech unicorn Byju's moved a plea in the appellate tribunal, NCLAT, hermetically sealing an order of the Bengaluru bench of NCLT that permitted the cricket board to initiate insolvency proceedings against the parent firm, Think & Learn, on default of payment. After six rounds spread across 20 days, the Bengaluru-based bench of the NCLT approved this plea, resulting in defaulting on payments.

Byju Raveendran, the founder and CEO of the company, will work under the proposed resolution professional. Pankaj Srivastava has been appointed as the interim resolution professional by the NCLT. Earlier in the week, Byju's, which is now under consideration by the NCLT, had said that it hoped to bring an "amicable settlement" to the enduring royalty dispute with the Board of Control for Cricket in India (BCCI).