NCLT Bengaluru Admits BCCI's INR 160 Crore Insolvency Plea Against Byju's Parent Think & Learn

Jul 16, 2024, 07:10 AM

The Bengaluru bench of the National Company Law Tribunal (NCLT) has admitted the Board of Control for Cricket in India's (BCCI) plea seeking insolvency proceedings against Byju's parent company, Think & Learn. The embattled ed-tech company, once valued at $22 billion, is now facing bankruptcy. Byju's owes INR 160 crore to the BCCI, which led the cricket board to file the petition. Following the NCLT's order, Byju's founder, Byju Raveendran, stands to lose control of the company unless an appeal is made. Sources indicate that Byju's plans to challenge the NCLT order at the National Company Law Appellate Tribunal (NCLAT) and is also seeking an out-of-court settlement with the BCCI. Pankaj Srivastava has been appointed as the Insolvency Resolution Professional (IRP) for the proceedings. Additionally, Byju's has reportedly failed to deposit TDS with the government since last year.