Byju's settles row with BCCI, not off the hook yet

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Times of India 3h ago

Byju's settles row with BCCI, not off the hook yet - Times of India

Quick Summary:

Byju's and the BCCI resolved a dispute over Rs 159 crore in dues, potentially helping the edtech firm avoid insolvency.

Although the first payment of Rs 50 crore has been made, the appellate tribunal deferred full settlement approval, demanding transparency about the funds' source after concerns from US-based lenders about financial irregularities arose.

The lenders also argued that payment of operational creditor (BCCI) over financial creditors violates the provisions of the Insolvency and Bankruptcy (IBC) Code.