Bengaluru, July 16 (IANS) The National Company Law Tribunal (NCLT) on Tuesday accepted the plea filed by the Board of Control for Cricket in India (BCCI) against the embattled ed-tech firm Byju’s by admitting its parent company, Think and Learn Pvt Ltd, into the insolvency resolution process.
According to sources close to the development, the company is planning to challenge the NCLT order in the National Company Law Appellate Tribunal (NCLAT).
A Byju’s spokesperson said in a statement that they wish to reach an amicable settlement with the BCCI.
“We are confident that, despite this order, a settlement can be reached. In the meantime, our lawyers are reviewing the order and will take necessary steps to protect the company’s interests,” said the spokesperson.
The BCCI had moved the NCLT to initiate an insolvency petition against the ed-tech firm last year, claiming a default in payment amounting to Rs 158 crore.
The BCCI had cited bankruptcy and insolvency regulations in its plea against Byju’s.
Late last month, the Ministry of Corporate Affairs (MCA) clarified that it has not given Byju’s a clean chit over financial fraud as the investigation into the matter is still going on.
Reacting to reports, the Ministry said, “The proceedings initiated by the MCA under the Companies Act, 2013, are still ongoing and no conclusion should be drawn in this matter at this stage”.
–IANS
na/svn
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
