NCLAT approves Byju's settlement with BCCI, sets aside insolvency plea

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NCLAT approves Byju's settlement with BCCI, sets aside insolvency plea - Business Standard

Quick Summary:

The National Company Law Appellate Tribunal (NCLAT), however, passed the order with a caveat that any failure to make payments on the specific dates mentioned in the undertaking would automatically lead to a revival of the insolvency proceedings against Byju's.

In a major relief to Byju's, the NCLAT on Friday set aside insolvency proceedings against the troubled edtech major over a sponsorship deal and approved a Rs 158 crore settlement with the Board of Control for Cricket in India.

The appellate tribunal also dismissed the allegation of round-tripping levelled by Byju's US-based lenders, saying they failed to provide any evidence for the same.