NCLT Admits BCCI Petition for Insolvency Proceedings Against Byju's

• The National Company Law Tribunal (NCLT) in Bengaluru has admitted BCCI's petition for insolvency proceedings against Byju's over unpaid dues of Rs 158 crore.
• Byju's had a sponsorship contract with BCCI for the Indian cricket team, and the petition was filed last year against its parent company, Think & Learn Pvt Ltd.
• The matter is set for further hearing on November 15, with Byju's previously stating it was in talks with BCCI to settle the issue.
• Tech investor Prosus wrote off its 9.6% stake in Byju's during the financial year 2024, citing a significant decrease in value for equity investors.
• A year-long probe by the Ministry of Corporate Affairs found lapses in corporate governance at Byju's but cleared it of financial fraud, attributing mounting losses to weak governance and compliance practices.

Source: Business Today, Moneycontrol