Summary: Byju’s Board Member Riju Ravindran Settles BCCI Dues
Byju’s board member Riju Ravindran is using personal funds to settle the sponsorship dues owed to the Board of Control for Cricket in India (BCCI). The settlement amount is sourced from sales and gains on shares. The bankruptcy appellate tribunal is overseeing the case, with Byju’s founder being asked to disclose the funding source. Byju’s US lenders had raised concerns about the payment when the company was unable to pay its staff. The NCLAT is expected to make a ruling on the matter soon.
Ravindran’s Personal Funds Settlement
– Byju’s board member using personal funds to settle BCCI dues
– Claims funds raised from sales and gains on shares
– Compliance with court orders, not using funds subject to Delaware bankruptcy court proceedings
NCLAT Orders and Proceedings
– Byju’s founder asked to disclose funding source for BCCI payment
– Concerns raised by US lenders about payment amid staff payment issues
– NCLAT to rule soon, lenders instructed not to constitute CoC until then
Byju’s Settlement with BCCI
– Byju’s settles Rs 158-crore arrears with BCCI
– Glas Trust Company LLC representing US lenders opposed settlement
– Appeal against insolvency proceedings initiated by Think and Learn ongoing
Hot Take: Stay Tuned for NCLAT’s Ruling
The resolution of Byju’s BCCI dues through personal funds raises questions about funding sources and compliance with court orders. The NCLAT’s upcoming ruling will shed light on the validity of the settlement and the protection of Byju’s assets amidst insolvency proceedings. Keep an eye on the developments to see how this case unfolds and its implications for Byju’s and its creditors.
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