BCCI tells NCLAT that it has reached a settlement with Byju’s over Rs 158 cr of unpaid dues

The Board of Control for Cricket in India (BCCI) informed the National Company Law Appellate Tribunal (NCLAT) on Wednesday that it has reached a settlement with Byju’s over the non-payment of dues, for which it had dragged the edtech company for insolvency proceedings. Byju’s owed BCCI Rs 158 crore. 

According to a report in Bar and Bench, BCCI told the Chennai branch of NCLT that Byju Raveendran’s brother Riju Raveendran paid Rs 50 crore yesterday. Another Rs 25 crore would be paid tomorrow and the remaining Rs 83 crore would be paid by August 8. 

Meanwhile, a US-based financial creditor, opposing the repayment of dues, told the appellate that the dues are being funded with stolen money. Senior Advocate Mukul Rohatgi who represented the creditor stated that the Raveendran brothers conspired to siphon off over Rs 500 crore, as per the findings of a US court.

He also argued that Byju Raveendran has now absconded to Dubai amid his financial woes.

"And now the debtor is offering to pay off the dues of 158 crores. It is our money that has been withdrawn by these fellows," Rohatgi said, to which the court asked if he is suggesting that the money is part of the $553 million. Rohatgi called Byju Raveendran a “fugitive from justice”. 

Senior Advocate Harish Salve who represented BCCI said that the cricket board would never accept tainted money. Solicitor General Tushar Mehta, who also appeared for BCCI said that the creditors’ concerns are based on assumptions. 

The creditors urged the NCLAT to direct Byju’s to file an undertaking that the money being paid to BCCI is not Byju Raveendran’s. Meanwhile, his counsel asked for assurance that the insolvency process would not come in the way of proposed settlement. 

"It shouldn't be that we give an undertaking and tomorrow the CoC is formed. We haven't got any assurance," Byju Raveendran's counsel said, the report stated.

The interim resolution professional (IRP) appointed to oversee the insolvency proceedings against Byju’s said that the edtech company was not cooperating with the process. The IRP said that it has been 16 days and Byju’s still has not given them any access. “The coaching centres are shut. I managed to find two laptops but all data had been deleted," the IRP said.

NCLT, Bengaluru admitted an insolvency plea by BCCI against Byju’s on July 16. On July 23, Raveendran moved the NCLAT challenging the order of NCLT Bengaluru.