Akshata Sharma
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Bengaluru-based troubled edtech firm Byju's is reportedly in talks with the Board of Control for Cricket in India (BCCI) to settle its dues of Rs 158.90 crore, Reuters reported.
The report said that BCCI has engaged in preliminary settlement discussions with Byju Raveendran to resolve the matter.
The company is expected to pay the BCCI the outstanding amount in three instalments, starting with an upfront payment of $6 million.
If the settlement occurs, Byju's would be freed from an insolvency process that has frozen its assets.
BCCI has sought a day's adjournment at the National Company Law Appellate Tribunal (NCLAT) in the case, hinting at the possibility of a settlement.
The NCLAT bench will hear the matter on July 31.
The report comes almost two weeks after the National Company Law Tribunal's (NCLT) Bengaluru bench admitted BCCI's petition seeking insolvency proceedings against Byju's parent company, Think and Learn Private Limited.
BCCI sought to initiate the insolvency proceedings against Byju's over alleged unpaid dues of Rs 158 crore.
The Bengaluru-based firm had a sponsorship contract with BCCI for the Indian cricket team.
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