24 July 2024
For more than a year now, the Bengaluru-based edtech company has been in turbulent waters with issues ranging from payment defaults, staff layoffs, boardroom battles and alleged lapses in corporate governance. However, in the case with BCCI over non-payment of Rs 158 crore (almost $19 million) pertaining to a sponsorship deal of the Indian cricket team, Byju’s has seemingly stepped on a tripwire that has resulted in the National Company Law Tribunal (NCLT) admitting the company for insolvency proceedings on July 16.
For more than a year now, the Bengaluru-based edtech company has been in turbulent waters with issues ranging from payment defaults, staff layoffs, boardroom battles and alleged lapses in corporate governance. However, in the case with BCCI over non-payment of Rs 158 crore (almost $19 million) pertaining to a sponsorship deal of the Indian cricket team, Byju’s has seemingly stepped on a tripwire that has resulted in the National Company Law Tribunal (NCLT) admitting the company for insolvency proceedings on July 16.
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