BUSINESS-ECONOMY
The National Company Law Tribunal (NCLT) has admitted to BCCI's petition seeking insolvency proceedings against troubled ed-tech firm Byju's. The National Company Law Tribunal (NCLT) has admitted to BCCI's petition seeking insolvency proceedings against troubled ed-tech firm Byju's. Byju's had a sponsorship contract with BCCI for the Indian cricket team. The petition, filed last year, aims to initiate insolvency proceedings against Byju's over alleged unpaid dues of $18 million outstanding dues. Reports suggest that the BCCI's claim represents the largest among Byju's creditors. However, several other companies have also raised multiple claims. Surfer Technologies is seeking over $2.3 million, while Cogent E-services has filed for more than $1.7 million. The total amount due exceeds $23 million. In 2022, Byju's had collaborated with the BCCI, the International Cricket Council (ICC), and FIFA. While these partnerships were slated to be renewed in 2023, the company declared its intention to discontinue these collaborations. This comes as Byju's is facing an investor exodus. Tech investor Prosus wrote off its 9.6 per cent stake in the firm Byju's during the financial year 2024. Major investors, including Peak XV partner, left the board over disagreements and lack of compliance practices. The company's valuation has dramatically slumped from $22 billion to zero. This follows a year-long probe by the Ministry of Corporate Affairs that revealed governance shortcomings as a major contributor to Byju's mounting losses. None
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