Byju's faces insolvency proceedings for failure to pay a sponsorship fee to cricket board BCCI

The Bengaluru bench of the National Company Law Tribunal (NCLT) on Tuesday allowed bankruptcy proceedings against Edtech firm Byju's after it failed to pay Rs 158.9 crore to the cricket board BCCI. The NCLT has appointed Pankaj Srivastava as an interim resolution professional, suspended Byju's board of directors and frozen its assets.

The company's founder and CEO Byju Raveendran will have to report to the resolution professional. Meanwhile, Byju's has said that



it was hopeful to reach "an amicable settlement" with the BCCI. However, sources suggest that the Edtech firm is also planning to challenge the order before NCLT

A Byju's spokesperson said, "As we have always maintained, we wish to reach an amicable settlement with BCCI and we are confident that, despite this order, a settlement can be reached. In the meantime, our lawyers are reviewing the order and will take necessary steps to protect the company’s interests."