New Delhi: The Bengaluru bench of the National Company Law Tribunal (NCLT) Tuesday accepted the Board of Control for Cricket in India’s (BCCI) application to initiate corporate insolvency proceedings against Think & Learn Private Ltd, the parent company of ed-tech firm Byju’s.
The BCCI, responsible for managing professional cricket in the country, filed an insolvency plea against Byju’s citing alleged unpaid dues of Rs 158 crore from a 2019 sponsorship agreement for the Indian cricket team.
The NCLT’s decision comes after Byju’s allegedly failed to pay the dues owed to the BCCI. This marks the initiation of bankruptcy proceedings against one of India’s top ed-tech startups, and a stunning decline from its 2022 valuation of…
