Byju said this about BCCI's pending payment, this is the matter

Byju-BCCI News: The promoter of edtech company Byju's has told the National Company Law Appellate Tribunal (NCLAT) that it has raised Rs 159 crore through share sale to pay the dues of the Board of Control for Cricket in India (BCCI). The Appellate Tribunal (NCLAT) said that it will continue hearing on Friday on the petition challenging the insolvency proceedings against Byju's and also directed the interim resolution professional (IRP) of Think and Learn Private Limited not to form a committee of creditors (CoC) till August 2. Think and Learn Private Limited operates under the Byju's brand.

Allegation of fraud

The Chennai bench of NCLAT on Wednesday accused the company's US-based lender unit of money embezzlement by Byju's founder. After that the appellate tribunal deferred its decision on the agreement between Byju and BCCI. Meanwhile, the lawyers appearing for Ravindran Byju and other suspended promoters of the company submitted an affidavit to NCLAT on Thursday. In this, the source of Rs 158.9 crore to be paid to BCCI was given.

Rejecting the allegations of misappropriation, the promoters told the authority that the amount to be paid to BCCI was raised from the sale of shares of Think and Learn Private Limited earlier this year and proper tax has been paid on it. The promoters' lawyer told the appellate tribunal that if the insolvency process is started, the company will be closed. The two-member bench of NCLAT said that the arguments are still going on but the court's time is over. List the matter again in the post-lunch session tomorrow (Friday). The committee of creditors will not be formed till tomorrow.

Promoters will have to do this work

The appellate tribunal also asked the promoters to complete their arguments by tomorrow. After this it will pronounce its order. During the proceedings, Hari, appearing for Riju Ravindran, brother of Byju's founder Byju Ravindran and one of the company's largest shareholders, filed an affidavit. The lawyer said that Riju is currently in London.

The affidavit said that on July 30, an agreement was reached with the BCCI for the payment of Rs 158 crore. Out of this, Rs 50 crore has already been paid and Rs 25 crore is to be paid on August 2. The remaining Rs 83 crore will be paid before August 9. For this, a post-dated cheque of ICICI Bank will be given. The US entity providing the loan alleged that this money has been brought through fraud. The US entity is claiming default of a loan of Rs 8,000 crore.