Akshata Sharma
Share
On Wednesday, the BCCI informed the National Company Law Appellate Tribunal (NCLAT) that it has reached a settlement with troubled Byju's on the repayment of over Rs 158 crore due to it by the Bengaluru-based firm under sponsorship deals.
However, the settlement was opposed in court by GLAS Trust Company LLC, one of Byju's US-based creditors, which questioned the source of the funds.
Arguing for GLAS, former Attorney General Mukul Rohatgi said, "Byju is unable to pay his staff. He is unable to pay salaries. Coaching centres are closed. Where is he getting this money? Is he paying from money owed to GLAS Trust?"
While Byju's has already paid Rs 50 crore, an additional Rs 25 crore will be paid by August 2, and the remaining Rs 83 crore will be paid by August
Mukul Rohatgi argued further, "The finding (by a US court) is that Mr. Byju and his brother conspired to divert more than $500 million of our money, and his brother is also commented upon. It is our money that has been withdrawn by these fellows to pay BCCI."
--Advertisement--
