{"id":8423,"date":"2024-07-31T20:55:09","date_gmt":"2024-07-31T15:25:09","guid":{"rendered":"https:\/\/www.businessupturn.com\/sports\/?p=462702"},"modified":"2024-07-31T20:55:23","modified_gmt":"2024-07-31T15:25:23","slug":"byjus-and-bcci-settle-payment-dispute-with-%e2%82%b950-crore-payment","status":"publish","type":"post","link":"https:\/\/www.businessupturn.com\/sports\/cricket\/byjus-and-bcci-settle-payment-dispute-with-%e2%82%b950-crore-payment\/","title":{"rendered":"Byju\u2019s and BCCI settle payment dispute with \u20b950 crore payment"},"content":{"rendered":"<p>In a significant development, the Board of Control for Cricket in India (BCCI) and Byju\u2019s have agreed to settle a payment dispute involving \u20b9158 crore. The dispute, which had escalated to legal proceedings, saw Byju\u2019s parent company, Think and Learn, make an initial payment of \u20b950 crore to the BCCI.<\/p>\n<h4>Key Points:<\/h4>\n<ul>\n<li><strong>Settlement Details<\/strong>:\n<ul>\n<li>Byju\u2019s paid \u20b950 crore to BCCI as of July 30.<\/li>\n<li>Remaining balance to be paid in two tranches by August 9.<\/li>\n<li>Payment made by Riju Raveendran, not Byju Raveendran or Think and Learn.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Legal Proceedings<\/strong>:\n<ul>\n<li>Byju Raveendran challenged the initiation of insolvency proceedings against Think and Learn.<\/li>\n<li>The case was brought before the National Company Law Appellate Tribunal (NCLAT) after the National Company Law Tribunal (NCLT) suspended the board of Think and Learn and appointed an interim resolution professional.<\/li>\n<\/ul>\n<\/li>\n<li><strong>BCCI\u2019s Claim<\/strong>:\n<ul>\n<li>BCCI filed a plea claiming a default of \u20b9158 crore by Byju\u2019s, related to branding partnerships.<\/li>\n<li>Byju\u2019s had announced it would not renew its branding partnerships with BCCI, ICC, and FIFA.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h4>US Lenders\u2019 Objections:<\/h4>\n<ul>\n<li><strong>Concerns Over Misappropriated Funds<\/strong>:\n<ul>\n<li>US lenders raised objections to the settlement, alleging the misuse of funds.<\/li>\n<li>They claimed that Byju Raveendran and his brother diverted over $500 million, suggesting that these funds should not be used to settle debts with BCCI.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Prioritisation of Payments<\/strong>:\n<ul>\n<li>Lenders questioned the prioritisation of payments to operational creditors over financial creditors, especially given Byju\u2019s financial difficulties, including issues paying employee salaries.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h4>Background of the Dispute:<\/h4>\n<ul>\n<li>The dispute originated when BCCI filed a plea with the NCLT on September 8, 2023, following Byju\u2019s decision not to renew its branding partnerships. The NCLT issued a notice to Byju\u2019s regarding the payment default, leading to the current legal proceedings.<\/li>\n<\/ul>\n<table style=\"height: 198px\" width=\"839\">\n<thead>\n<tr>\n<th><strong>Detail<\/strong><\/th>\n<th><strong>Information<\/strong><\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><strong>Amount Paid to BCCI<\/strong><\/td>\n<td>\u20b950 crore<\/td>\n<\/tr>\n<tr>\n<td><strong>Total Claimed by BCCI<\/strong><\/td>\n<td>\u20b9158 crore<\/td>\n<\/tr>\n<tr>\n<td><strong>Settlement Deadline<\/strong><\/td>\n<td>August 9<\/td>\n<\/tr>\n<tr>\n<td><strong>Legal Bodies Involved<\/strong><\/td>\n<td>NCLT, NCLAT, Karnataka High Court<\/td>\n<\/tr>\n<tr>\n<td><strong>US Lenders\u2019 Allegations<\/strong><\/td>\n<td>Misappropriation of $500 million<\/td>\n<\/tr>\n<tr>\n<td><strong>Byju\u2019s Branding Partnerships<\/strong><\/td>\n<td>Not renewed with BCCI, ICC, FIFA<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>\u00a0<\/p>\n<p>This settlement marks a significant step in resolving financial disputes for Byju\u2019s, amidst broader challenges including legal issues and internal financial management concerns. The outcome of the remaining payments and the reaction of other stakeholders, especially US lenders, will be closely watched in the coming weeks.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In a significant development, the Board of Control for Cricket in India (BCCI) and Byju\u2019s have agreed to settle a\u2026<\/p>\n","protected":false},"author":250,"featured_media":31256,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[3546,225],"class_list":["post-8423","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cricket","tag-bcci","tag-byjus"],"reading_time":"2 min read","_links":{"self":[{"href":"https:\/\/www.businessupturn.com\/sports\/wp-json\/wp\/v2\/posts\/8423","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.businessupturn.com\/sports\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.businessupturn.com\/sports\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.businessupturn.com\/sports\/wp-json\/wp\/v2\/users\/250"}],"replies":[{"embeddable":true,"href":"https:\/\/www.businessupturn.com\/sports\/wp-json\/wp\/v2\/comments?post=8423"}],"version-history":[{"count":0,"href":"https:\/\/www.businessupturn.com\/sports\/wp-json\/wp\/v2\/posts\/8423\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.businessupturn.com\/sports\/wp-json\/wp\/v2\/media\/31256"}],"wp:attachment":[{"href":"https:\/\/www.businessupturn.com\/sports\/wp-json\/wp\/v2\/media?parent=8423"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.businessupturn.com\/sports\/wp-json\/wp\/v2\/categories?post=8423"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.businessupturn.com\/sports\/wp-json\/wp\/v2\/tags?post=8423"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}