BCCI tells NCLAT it has reached a settlement with edtech major Byju's

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BCCI tells NCLAT it has reached a settlement with edtech major Byju's - Business Standard

Quick Summary:

Byju Raveendran's counsel replied that some assurance should be given to ensure that the insolvency process against Byju's does not come in the way of the proposed settlement.

It also asked Byju's to file an undertaking to clarify that money due to financial creditors will not be used to pay operational creditors (such as the BCCI).

The NCLAT was told that an additional amount of Rs 25 crore will be paid by Friday (August 2), and the remaining Rs 83 crore due will be paid by August 9.