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The Insolvency Tribunal NCLT has issued notice to Think & Learn Pvt Ltd, the company providing online educational services under the brand Byju’s, after a petition filed by the Board of Control for Cricket in India (BCCI). The BCCI has filed a petition arguing dues of INR 158 crore as an operational creditor under section 9 of the Insolvency & Bankruptcy Code 2016.
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"It is stated that the General notice was issued to BYJU’s vide email dated 06.01.2023 and the default amount of Rs.158 crore. excluding TDS as reflected," the NCLT website stated.
The NCLT has given Byju’s two weeks to file a reply in the case and another week thereafter to BCCI to file a response. The case was filed on September 8 and officially registered only on November 15. The case between the BCCI and Think and Learn Pvt Ltd had its last scheduled hearing on November 28 and will have another hearing on December 22.
The NCLT order added, “two weeks is granted to the Respondent (Byju’s) to file a reply and one week thereafter is granted to the Applicant (BCCI) to file rejoinder, if any, after duly serving the copy on the other side.”
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During the proceedings, BCCI’s counsel revealed to the NCLT that a general notice was sent to Byju’s via e-mail on January 6, 2023, which included a default amount of Rs 158 crore, excluding TDS. Think and Learn Pvt Ltd brand came in as the title sponsor in 2019 after mobile manufacturer Oppo transferred the sponsorship rights.
