BYJU's to settle matter with BCCI over unpaid dues: Report
The cricket board moved NCLT against the edtech major, accusing the latter of opting out of the contract midway
After the Board of Control for Cricket in India (BCCI) moved the National Company Law Tribunal (NCLT) against BYJU’S, accusing it of opting out of its sponsorship contract, the edtech major reportedly said that is in talks with BCCI to settle the matter over unpaid dues to the tune of Rs 160 crore.
News reports say that BYJU’S is sworn to honour the contract, despite there not being a written one between the two parties.
The edtech company is reportedly in the middle of payment clearances, following which, it will clear the unpaid dues owed to BCCI.
A petition was filed before NCLT Bangalore by BCCI under the Insolvency and Bankruptcy Code, 2016, on September 8. Following this, a case was registered on November 15 and now the matter is set for hearing on December 22.
The edtech company came on board as Team India’s official jersey partner after OPPO ended its contract with BCCI. Reports say that while the contract with BYJU’S ended in March 2022, the two parties had extended their partnership for the next 18 months without a written contract.
The edtech firm then opted out of the contract midway during the extension period. Reports say that BCCI received payments regularly till September 2022.
After BYJU’s Dream11 came onboard as the jersey sponsor for Team India for a period of three years at a base price of Rs 358 crore this year.
A few months ago, BYJU'S announced that it will not be renewing its branding partnerships to combat financial setbacks and to achieve profitability.
