BCCI Seeks Adjournment Amid Byju's Insolvency Talks

The BCCI requested a day's adjournment at the National Company Law Appellate Tribunal (NCLAT) amid ongoing talks with Byju's, indicating a potential settlement. Byju's is challenging the initiation of insolvency proceedings by the BCCI over a claimed default. The NCLT has already directed insolvency proceedings for Byju's.

The Board of Control for Cricket in India (BCCI) on Tuesday sought a day's adjournment at the National Company Law Appellate Tribunal (NCLAT), amidst ongoing settlement discussions with Byju's. This move suggests a possible resolution to the dispute.

During the hearing of a plea by Byju's promoter against insolvency proceedings, Solicitor General Tushar Mehta informed the bench of ongoing talks. He requested an adjournment, which the new bench accepted.

The case involves a US-based creditor claiming a default of Rs 8,000 crore in loans. The Bengaluru bench of the NCLT had earlier initiated Corporate Insolvency Resolution Proceedings (CIRP) against Byju's, which was once valued at USD 22 billion.

(With inputs from agencies.)