The Board of Control for Cricket in India (BCCI) has approached the National Company Law Tribunal (NCLT) seeking corporate insolvency proceedings against edtech giant Byju’s for an alleged default of Rs 158 crore. The petition, filed under Section 9 of the Insolvency and Bankruptcy Code, was heard by NCLT Bengaluru, with Byju’s instructed to respond within two weeks. This development follows Byju’s decision to end sponsorship of the Indian cricket team jersey to focus on profitability, as the company undergoes strategic restructuring and layoffs. Byju’s faces various challenges, including financial issues and legal disputes. The case is scheduled for the next hearing on December 22.
BCCI Initiates Insolvency Proceedings Against Byju’s Over Alleged Default of Rs 158 Crore
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