The Supreme Court has questioned the agreement between ad-tech company Byjus and the Board of Control for Cricket in India (BCCI). On Wednesday, Chief Justice of India (CJI) DY Chandrachud, while hearing the Baijus case, asked where the money for the settlement was coming from.
We will again refer it to the National Company Law Appellate Tribunal (NCLAT) for inquiry, the CJI said. Byjus' US-based lender Glass Trust Company has challenged the agreement with BCCI in the Supreme Court.
Chief Justice's big points in Baijus-BCCI case…
- When the debt is so high, can a creditor say that the promoter is willing to pay?
- Why did you choose BCCI for the contract, that too with your personal wealth?
- You currently have Rs. With a debt of over 15,000 crores, why settle only with BCCI?
- The CJI said he would refer the case to the NCLAT for rehearing.
- Let them think again, let them think where does the money come from?
The agreement was signed in August
In August, the NCLAT had awarded BCCI and Byjus a Rs. Bankruptcy proceedings against the company were stayed by accepting an agreement to pay debts of Rs 158 crore. A sponsorship contract for Team India's jersey was signed in 2019 between Byjus' parent company Think and Learn Pvt Ltd and BCCI.
Baiju hatches a conspiracy, steals $500 million
Baiju's US-based lenders questioned the deal. These lenders asked the NCLAT not to accept the agreement. Mukul Rohatgi, a lawyer representing the American lenders, called it a 'tainted agreement'.
Rohatgi said that he is being paid with 'stolen money'. How can a person who can't even pay salary suddenly give 150 crore rupees? Byju and Riju (Byju's brother) conspire and steal $500 million. It is our money that these people have taken.
The NCLT accepted the petition for bankruptcy proceedings
On July 16, 2024, the National Company Law Tribunal (NCLT) accepted BCCI's plea to initiate bankruptcy proceedings against Byjus, an adtech company. BCCI last year against Byjus' parent company Think and Learn Pvt Ltd for Rs. 158 crore applied for recovery of dues.
Image Credit: (Divya-Bhaskar): Images/graphics belong to (Divya-Bhaskar).
