Byju’s: BCCI and Riju Ravindran contest NCLT order on edtech’s insolvency resolution The BCCI initiated insolvency proceedings against Byju’s last year to recover the amount owed from a sponsorship contract. An initial settlement was approved by the NCLAT last August after Ravindran.
Byju’s: BCCI and Riju Ravindran Contest NCLT Order on Edtech’s Insolvency Resolution
In a recent twist in the ongoing saga of Byju’s, the Board of Control for Cricket in India (BCCI) has taken steps to contest the National Company Law Tribunal (NCLT) order regarding the edtech giant’s insolvency resolution. This move comes as a result of Byju’s failure to honor a sponsorship contract, which has left the cricketing body seeking recovery of the owed amount.
The Background
Last year, the BCCI initiated insolvency proceedings against Byju’s, aiming to secure funds that were due under a sponsorship agreement. The case saw an initial settlement approved by the National Company Law Appellate Tribunal (NCLAT) in August, offering a glimmer of hope for both parties involved.
Riju Ravindran’s Role
Riju Ravindran, a prominent figure in the proceedings, has been vocal about the need for a fair resolution. His input has been crucial in navigating the complexities of the case, and he continues to advocate for the rights of stakeholders involved.
Current Developments
As the BCCI contests the NCLT order, the stakes have never been higher for Byju’s. The outcome could set a precedent for how similar insolvency cases are handled in the future, especially within the rapidly evolving edtech sector.
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In conclusion, as the legal battle unfolds, both BCCI and Byju’s are poised for a showdown that could reshape the landscape of sports sponsorships and edtech collaborations in India.
