BCCI: The big crisis faced by edtech company Byju’s has been averted for the time being. The National Company Law Appellate Tribunal (NCLAT) has approved the agreement between BCCI and Byju’s. With this, the bankruptcy process started against the company has also ended. In this case, an American financial creditor had accused Byju of paying BCCI with stolen money. However, NCLAT refused to accept this argument and said that this payment to BCCI was made by Byju Raveendran’s brother Riju Raveendran with his own money.
BCCI and Byju’s reached an agreement on payment
BCCI had informed NCLAT that an agreement has been reached between them and Byju Ravindran for the payment of Rs 158 crore. After this, NCLAT approved this settlement on Friday. With this, the crisis of bankruptcy of Byju’s parent company Think and Learn is over. The bankruptcy process was started against Byju last month on the orders of the National Company Law Tribunal (NCLT). Along with this, an Interim Resolution Professional (IRP) was also appointed.
Riju Ravindran made the payment with his own money
Byju’s, which was facing many problems, was badly trapped due to this trouble. The company was broken due to disputes with investors, legal fights in America and cash crunch. On the other hand, it was badly trapped in a case filed by BCCI. BCCI had said that the company had not paid the money for sponsoring Team India’s jersey. However, Riju Ravindran handled the matter by paying Rs 50 crore. He still has to pay the money to BCCI in 2 installments.
Refusal to accept allegations of American creditor
On the other hand, GLAS Trust Company LLC had told NCLAT that Byju Ravindran and Riju Ravindran had embezzled about Rs 500 crore from America. This payment is being made from the same money. But BCCI had clarified that it never accepts illegal money. The allegations of the American creditor are based on suspicions. After this, NCLAT approved this settlement.
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