Akshata Sharma
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The Bengaluru bench of the National Company Law Tribunal (NCLT) has admitted the Board of Control for Cricket in India's (BCCI) petition seeking insolvency proceedings against edtech giant BYJU'S over alleged unpaid dues of about INR 158.9 Cr
The tribunal has appointed Pankaj Srivastava as interim resolution professional for BYJU'S insolvency process and directed him to issue a public notice to invite claims from all creditors. As per NCLT's ruling, Srivastava will run the company's operations until a Committee of Creditors (COC) is constituted.
The order comes months after the BCCI in September 2023 dragged BYJU's to the NCLT, seeking initiation of corporate insolvency resolution process against the edtech company under section 9 of Insolvency & Bankruptcy Code, 2016 over the dispute around the sponsorship rights of the Indian cricket teams' jerseys.
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