CJI said that we will send it again to the National Company Law Appellate Tribunal (NCLAT) for investigation of the matter. (Byju Ravindran, founder of ed-tech company Byju's.)
The Supreme Court has raised questions over the agreement between ed-tech company Byju's and the Board of Control for Cricket in India (BCCI). On Wednesday, Chief Justice of India (CJI) DY Chandrachud, while hearing the case of Byju's, asked where the money is coming from for the agreement.
CJI said that we will send it again to the National Company Law Appellate Tribunal (NCLAT) for investigation of the matter. Byju's US-based lender Glass Trust Company has challenged the agreement with BCCI in the Supreme Court.
Important points made by the Chief Justice in the Byju's-BCCI case…
- When the debt is so high, can any creditor say that a promoter is ready to give money.
- Why did you choose BCCI for the agreement, that too with your personal assets?
- You currently have a debt of more than Rs 15,000 crore, then why an agreement only with BCCI?
- CJI said that the case will be sent to NCLAT for re-hearing.
- Let them think afresh, let them use their mind as to where is the money coming from?
The agreement was reached in August
In August, NCLAT had stayed the bankruptcy proceedings against the company, accepting the settlement between BCCI and Byju's for payment of Rs 158 crore dues. Byju's parent company Think and Learn Private Limited and BCCI had a sponsorship contract for Team India's jersey in 2019.
Byju's hatched a conspiracy and stole $500 million
This agreement was questioned by Byju's US-based lenders. These lenders had asked NCLAT not to accept the agreement. Lawyer Mukul Rohatgi, representing the US lenders, had called it a 'tainted agreement'.
Rohatgi said that this is being paid from 'stolen money'. How can a person who cannot even pay salaries suddenly pay Rs 150 crore. Byju and Riju (Byju's brother) conspired and stole $500 million. This is our money which these people have siphoned off.
NCLT had accepted the petition for bankruptcy proceedings
On July 16, 2024, the National Company Law Tribunal (NCLT) accepted BCCI's petition to initiate bankruptcy proceedings against edtech company Byju's. BCCI had filed a petition last year against Byju's parent company Think and Learn Private Limited to recover dues of Rs 158 crore.
Read this news also…
Byju's agrees to pay Rs 158 crore to BCCI: The company will make the payment in installments on August 2 and 9; One year old dispute ends
Edtech company Byju's has agreed to pay the outstanding sponsorship contract amount of Rs 158 crore to BCCI. The lawyers of the company's founder Byju Ravindran informed this to the National Company Law Appellate Tribunal (NCLAT) on 31 July.
Byju's will pay this amount in 2 installments on 2 and 9 August. Byju Ravindran's brother Riju will make this payment. Riju is one of the largest shareholders of the company. Riju is one of the largest shareholders of the company.
Click here to read the full news…
Bankruptcy proceedings to begin against Byju's: NCLT accepts BCCI's plea, the company did not pay ₹158 crores for Team India's sponsorship
The National Company Law Tribunal (NCLT) has accepted BCCI's plea to initiate insolvency proceedings against edtech company Byju's. The case is related to the sponsorship contract between Byju's and BCCI for the Indian cricket team's jersey.
BCCI had filed a petition last year against Byju's parent company Think and Learn Private Limited to recover the dues of Rs 158 crore. The next hearing of the case is scheduled on November 15. However, it is reported that Byju's is talking to BCCI to resolve the matter.
Click here to read the full news…
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