(BCCI) has officially declared that edtech giant Byju’s has defaulted on a payment of Rs 158 crore. This disclosure came to light through information available on the National Company Law Tribunal (NCLT) website, signaling deepening troubles for the embattled education technology firm.
The NCLT has granted Byju’s a two-week period to respond to the case, followed by an additional week for BCCI to file a rejoinder. The case, initially filed on September 8, was officially registered on November 15, with the next hearing scheduled for December 22.Byju’s, known for its significant branding partnerships with BCCI, ICC, and FIFA, all set for renewal in 2023, earlier confirmed it would not renew any of them.Byju’s, once valued at $22 billion after a massive funding round in March 2022, has faced scrutiny for various issues, including delayed financial results, the resignation of its auditor Deloitte, and the departure of key board members. The company’s attempt to navigate financial challenges involves a proposal to fully repay a $1.2 billion term loan B within six months, coupled with a strategic review of its assets to secure necessary funds.
