NCLAT delays its ruling on settlement between BCCI & Byju as Byju Raveendran pays 
50 crore
NCLAT – National Company Law Appellate has deferred its decision on the settlement among Byju’s and the Board of Control for Cricket in India (BCCI) following charges of “round-tripping” including the edtech company’s founder raised by a US-based creditor.
To ensure compliance with the requirements of the tribunal, the NCLAT’s Chennai bench has ordered the suspended promoters of Byju’s to submit an undertaking by Thursday. As previously reported that the Board of Control for Cricket in India (BCCI) agreed to settle a 158 crore rupee payment dispute on July 31.
Byju’s had paid the cricket board 50 crore rupees as of July 30, and the BCCI had informed the National Company Law Appellate Tribunal (NCLAT) that the balance would be paid in two installments by August 9.
The overwhelmed edtech likewise let the council know that Founder Byju Raveendran or the element was not paying the cash to Think and Advance however Riju Raveendran, the more youthful sibling of Byju and the biggest investor in the firm. The improvement comes as Byju Raveendran had recorded a request testing the commencement of indebtedness procedures against Think and Realize, which runs edtech organization Byju’s.
On July 29, the matter was brought before a NCLAT bench In Chennai with Justices Sharad Kumar Sharma, Member (Judicial), and Jatindranath Swain, Member (Technical).
However, Justice Sharma stated that he had previously served as counsel for the Board of Control for Cricket in India (BCCI) and withdrew from the hearing.
The BCCI had moved toward the NCLT under the Indebtedness and Liquidation Code (IBC) over a default of 
158.9 crore by Think and Learn — when India’s most important startup worth an expected $22 billion. In accordance with the provisions of the IBC, NCLT has appointed an interim resolution professional (IRP) to oversee the debt-laden company and has suspended the board of Think & Learn Pvt Ltd.
158.9 crore by Think and Learn — when India’s most important startup worth an expected $22 billion. In accordance with the provisions of the IBC, NCLT has appointed an interim resolution professional (IRP) to oversee the debt-laden company and has suspended the board of Think & Learn Pvt Ltd.
BCCI claims, “It is stated that the general notice was issued to Byju’s vide email dated 06.01.2023 and the default amount of 158 crore, excluding TDS as reflected.”
158 crore, excluding TDS as reflected.”
