NCLT admits BCCI petition seeking insolvency proceeding against edtech firm

The National Company Law Tribunal (NCLT) has admitted the BCCI's petition for insolvency proceedings against Byju's due to unpaid dues of Rs 158 crore related to sponsorship rights. The case will be further heard on November 15. Additionally, tech investor Prosus has written off its 9.6% stake in Byju's, citing a significant decrease in value. A Ministry of Corporate Affairs probe found governance lapses but no financial fraud at Byju's, contributing to the company's mounting losses and internal conflicts.