New Delhi. Byju Ravindran, the promoter of edtech company Byju’s, which is on the verge of bankruptcy, told the National Company Law Appellate Tribunal (NCLT) that he has raised Rs 159 crore through share sale to pay the dues of the Board of Control for Cricket in India (BCCI). The Appellate Tribunal (NCLAT) said that it will continue hearing on Friday on the petition challenging the bankruptcy proceedings against Byju’s and also directed the interim resolution professional (IRP) of Think and Learn Private Limited not to form a committee of creditors (CoC) till August 2.
The Chennai bench of NCLAT on Wednesday deferred its decision on the settlement between Byju’s and BCCI after the appellate tribunal alleged money laundering by Byju’s founder after the company’s US-based lender arm alleged that the company had committed fraudulent activities.
Promoters gave affidavit in court
Meanwhile, the lawyers appearing for Ravindran Byju and other suspended promoters of the company submitted an affidavit to NCLAT on Thursday. In this, the source of Rs 158.9 crore to be paid to BCCI was given. Rejecting the allegations of misappropriation, the promoters told the authority that the amount to be paid to BCCI was raised from the sale of shares of Think and Learn Private Limited earlier this year and proper tax has been paid on it. The promoters’ lawyer told the appellate tribunal that if the bankruptcy process is initiated, the company will be closed.
The two-member bench of NCLAT said, “Arguments are still going on but the court time is over. List the matter again in the post-lunch session tomorrow (Friday). The committee of creditors will not be formed till tomorrow.” The appellate tribunal also asked the promoters to complete their arguments by tomorrow. After this it will pronounce its order.
Payment agreement was done with BCCI
During the proceedings, Hari, appearing on behalf of Riju Ravindran, brother of Byju Ravindran, founder of Byju Ravindran and one of the largest shareholders of the company, filed an affidavit. The lawyer said that Riju is currently in London. The affidavit states that on July 30, an agreement was reached with the BCCI for the payment of Rs 158 crore. Out of this, Rs 50 crore has already been paid and Rs 25 crore is to be paid on August 2.
The remaining Rs 83 crore will be paid before August 9. For this, a post-dated cheque of ICICI Bank will be given. The US entity that gave the loan, Gas Trust LLC, alleged that this money has been obtained through fraud. The US entity is claiming default of a loan of Rs 8,000 crore.
Tags: Business news, Byjus Young Genius, High net worth individuals
FIRST PUBLISHED : August 2, 2024, 08:02 IST