Byju’s challenges insolvency order in NCLAT

New Delhi, July 18

Crisis-ridden Byju’s has moved the National Company Law Appellate Tribunal (NCLAT) against the recent order of NCLT that allowed cricket board BCCI’s petition for initiating insolvency proceedings against the once-famed edtech company, sources said.

Sources privy to the development said that the company was seeking an urgent hearing on the matter. Byju’s did not comment on the issue.

According to sources, Byju’s on Thursday moved the appellate tribunal, NCLAT, contesting the recent order of NCLT’s Bengaluru bench that had admitted the cricket board’s plea to start insolvency proceedings against the parent company Think and Learn, after the edtech firm failed to pay Rs 158.9 crore dues.

Founder and CEO Byju Raveendran will report to the resolution professional. NCLT has appointed Pankaj Srivastava as the interim resolution professional. Byju’s had previously sponsored the Indian cricket team.