TFS Gulf
  • All categories
    • inPractice
    • Entrepreneur Story
    • Finance Leaders
    • Videos
TheFinanceStory
No Result
View All Result
  • Login
  • Register
  TFS Gulf
  • All categories
    • inPractice
    • Entrepreneur Story
    • Finance Leaders
    • Videos
The finance story
No Result
View All Result
  • Login
  • Register
The Finance Story
No Result
View All Result

BYJU’S Crisis: Insolvency Plea Admitted for Unpaid ₹158 Cr to BCCI

The NCLT in Bengaluru has acknowledged an insolvency plea filed by the BCCI against the parent company of ed-tech giant Byju's, Think & Learn Pvt. Ltd. Apparently, Byju's failed to repay a ₹158 crore debt to BCCI over a sponsorship deal.

Preeti Mondal by Preeti Mondal
Published date: 22nd July, 2024
Last edited date: 22nd July, 2024
SHARE (0)
Share on FacebookShare on Twitter
  • From not paying employees on time, to shutdowns of coaching centers, Byju’s has been in the limelight for all the wrong reasons, lately.
  • Once valued at a jaw-dropping $22 billion, the ed-tech giant has failed to repay a ₹158 crore debt to BCCI over a sponsorship deal.
  • The National Company Law Tribunal (NCLT) in Bengaluru has admitted an insolvency plea filed by the BCCI against Think & Learn Pvt. Limited, the parent company of Byju’s.

What did Byju’s do?

It all started in 2019.

Byju’s failed to pay back a ₹158 crore loan owed to the Board of Control for Cricket in India (BCCI).

The debt in question stems from Byju’s sponsorship of the Indian cricket team’s jerseys. Initially, Byju’s took over the sponsorship from mobile phone manufacturer OPPO in 2019, with the contract originally ending in 2022 and later extended to 2023.

However, amidst mounting financial troubles, Byju’s announced in January 2023 that it would not renew its sponsorship deal with BCCI.

BCCI files insolvency plea against Byju’s

On September 8, 2023, BCCI filed the insolvency plea seeking to initiate the corporate insolvency resolution process (CIRP) against Byju’s.

The BCCI claimed that Byju’s had not honored the payment, despite a general notice issued via email on January 6, 2023.

In November 2023, the National Company Law Tribunal (NCLT) sought a response from Byju’s, which opposed the plea on several grounds.

Byju’s argued that the agreement with BCCI did not involve any “services” and only involved the transfer of certain rights, thus BCCI could not be viewed as an “operational creditor” eligible to file a Corporate Insolvency Resolution Process (CIRP) application under the IBC.

NCLT admits the insolvency plea

In a dramatic turn of events, the NCLT in Bengaluru has admitted an insolvency plea filed by the BCCI against Think & Learn Pvt. Limited, the parent company of ed-tech giant Byju’s.

The tribunal’s verdict

The tribunal stated there was no reason to deny the petition under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, thus initiating the Corporate Insolvency Resolution Process (CIRP) against Byju’s.

A bench comprising Judicial Member K Biswal and Technical Member Manoj Kumar Dubey delivered the order.

The tribunal has also mandated progress reports every two weeks to ensure compliance and transparency.

Byju’s arbitration plea dismissed

Byju’s application to refer the matter to arbitration was dismissed by the tribunal.

Interim resolution professional appointed

The tribunal appointed Pankaj Srivastava as the interim resolution professional (IRP). He will oversee the company’s operations until the Committee of Creditors (COC) is formed.

The order stated, “The Interim Resolution Professional shall, after collation of all the claims received against Think and Learn Pvt Ltd, the Corporate Debtor, and the determination of the financial position of the Corporate Debtor, constitute a Committee of Creditors.”

What next?

Byju’s now stands at a critical juncture.

As the insolvency process unfolds, the ed-tech giant’s future hangs in the balance, awaiting the next move from its creditors, management, and potential buyers.

Let’s see how Byju’s navigates this challenging period.

Preeti Mondal

Preeti Mondal

Recommended for you

U.S. Accounting Firm Wipfli gets Private Equity from Grant Thornton’s baker
News

U.S. Accounting Firm Wipfli gets Private Equity from Grant Thornton’s baker

4th August, 2025 | 3 mins read
Middle East gets a Seat at PwC’s Global Board
Big 4

Middle East gets a Seat at PwC’s Global Board

4th August, 2025 | 2 mins read
UAE's influencer's now need a License to post
Dubai

UAE cracks down on digital content creators

4th August, 2025 | 3 mins read
CAs retain exclusive Tax Audit rights; CMAs, CS excluded
Chartered Accountant

CAs Retain Exclusive Tax Audit Rights; CMA, CS Officially Excluded

23rd July, 2025 | 4 mins read
Saudi's $500Bn ‘Line’ Project under review as costs surge
News

Saudi’s $500Bn Megacity Project under review: McKinsey in spotlight

22nd July, 2025 | 3 mins read
Figma’s $100Mn AWS Cloud Bill. Are CFOs paying attention?
CFO

Figma’s $100Mn AWS Cloud Bill. Are CFOs paying attention?

14th July, 2025 | 4 mins read
Next Post
SEBI’s flexible ESG regulations: Will it deter global investors?

SEBI’s flexible ESG regulations: Will it deter global investors?

Start conversation Cancel reply

Your email address will not be published. Required fields are marked *

Popular posts

  • KPMG Partner quits and goes Boutique with high end advisory firm: Now has 5+ offices & 75+ team

    KPMG Partner quits and goes Boutique with high end advisory firm: Now has 5+ offices & 75+ team

    0 shares
    Share 0 Tweet 0
  • Big 4 firms in India: Inside Deloitte, PwC, EY & KPMG career prospects, growth and salaries

    0 shares
    Share 0 Tweet 0
  • Designations in HDFC Bank: From Joining as an Assistant Manager to climbing to the rank of Managing Director.

    80 shares
    Share 0 Tweet 0
  • Big 4 India Partners jumping from one firm to another: High alert as Partner poaching surges

    0 shares
    Share 0 Tweet 0
  • CA Firms Kirtane & Pandit, Guru & Jana, SSKM unite to build India’s Next Big Global Consulting Firm

    0 shares
    Share 0 Tweet 0
  • Hierarchy level in ICICI Bank: Thinking of joining ICICI Bank? Here’s an overview of the employee grades.

    175 shares
    Share 0 Tweet 0
  • ICAI Under Fire: Women Removed from Front Row at CA Students’ Conference Following Guest’s Demand

    0 shares
    Share 0 Tweet 0
  • EY, PwC, Deloitte surpass 3,300 Partners. EY added 1000+ new Partners

    0 shares
    Share 0 Tweet 0
  • UK firm outsourced accounting work to India but quality dropped: Now established his own offshore unit

    0 shares
    Share 0 Tweet 0
  • Deloitte India offers ‘Golden Handshake’ to senior Partners aged 55 & above. Plans to elevate young partners.

    0 shares
    Share 0 Tweet 0
The Finance Story

The Finance Story empowers finance professionals—CFOs, consultants, accountants, tax experts, and bankers—to navigate critical market shifts, industry disruptions, and emerging technologies & trends.

How? We spotlight key opportunities in India and globally, equipping finance professionals with the insights and strategies to drive business growth, optimize decision-making, and position their companies at the forefront

Quick Links

  • Finance
  • Partners
  • Privacy and Policy
  • Terms of use

Follow us

  • /TheFinanceStory
  • @TheFinanceStory
  • /TheFinanceStory
  • @thefinancestory_com
  • TheFinanceStory

© 2022. The Finance Story. All Rights Reserved.

No Result
View All Result
  • TFS Gulf
  • Entrepreneur Story
  • Finance Leaders
  • Videos
  • Login
  • Sign Up

Welcome Back!

Sign In with Google
OR

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Sign Up with Google
OR

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
We use cookies to personalize your experience. By continuing to visit this website you agree to our use of cookies.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?
Book 1:1 call with industry expert