The Board of Control for Cricket in India (BCCI) has taken Byju’s to the National Company Law Tribunal (NCLT), due to a disagreement concerning outstanding payments linked to the sponsorship of the Indian cricket team, stated a news report.
Despite being filed on September 8, the official registration of the case occurred on November 15. The scheduled hearing for the case involving BCCI and Byju’s parent company, Think and Learn Pvt Ltd, was set for November 28, stated a CNBC report quoting details on the NCLT website.
A source cited by The Morning Context stated, "There is no way to be sure about the amount, but I hear it can vary between Rs 100 Cr and Rs 250 Cr."
According to information accessible on the NCLT website, the case was filed in November of the current year.
The narrative unfolds in 2019 when Byju’s assumed sponsorship of the Indian cricket team from Oppo, a commitment slated to continue until the end of March 2022.
Following that, Byju’s requested an extension of the sponsorship until the end of 2023.
However, in December 2022, it terminated its jersey sponsorship agreement with the BCCI as the funding challenges of the Indian startup ecosystem, particularly affecting Byju’s, began to intensify, marking a turbulent period for the company.
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