Today, Byju’s of India and the Board of Control for Cricket in India (BCCI) have resolved a payment dispute amounting to $19m, says a lawyer for the ed-tech firm.
The founder of Byju will personally engage with negotiations in order to solve this issue and get his company out of insolvency without losing any properties.
A senior advocate involved in the case, Arun Kathpalia said that the payment would be made by Riju Raveendran, brother to the founder of Byju’s.
Byju’s expected payment is not immediately clear; however, Kathpalia has stated that INR 500 million (about 6 USD mln) has already been transferred to Indian cricket board.
Reuters has contacted neither BCCI nor Byju’s so far for their comments.
Just before this month ends, there was an insolvency action taken against Byju’s by company tribunal subsequent to unpaid sponsorship dues claimed against it by BCCI.
It adds up to more misery for yet another setback faced by the start-up which witnessed several difficulties during its journey recently.
Once lauded by venture capitalists as one of India’s big success stories, Byjus became embroiled in a range of controversies including changing directors on its board, investor conflict and its valuation declining from $22bn in 2022 to below $3bn in 2023.
Throughout all these challenges though, no wrong doing was found on part of Byjus itself
On Thursday morning when National Company Law Appellate Tribunal (NCLAT), which is currently handling this matter concluded that it would sit again on Thursday until then.
