NCLAT directs NCLT to decide BCCI-Byju's settlement within one week

The National Company Law Appellate Tribunal (NCLAT) instructed the National Company Law Tribunal (NCLT) to resolve the settlement between Byju and the Board of Control for Cricket in India (BCCI) within one week. The order followed after the BCCI claimed Byju had defaulted on a payment of ₹158 crore, and the company was subject to insolvency proceedings. The settlement of the issue entails Byju's paying ₹158 crore to the BCCI.

This choice will be a deciding moment in what the future holds for both parties. The war of words between the BCCI and Byju's has been going on for several months. The BCCI had asserted that Byju had defaulted in paying up, which made the cricket board seek insolvency proceedings.

The NCLAT order has been viewed as a turning point to settle the case between the two firms. The NCLT order will be closely observed by both parties since it will dictate the way forward for the case. Reports say that the NCLAT has instructed the NCLT to order on the settlement plea submitted by BCCI and withdrawal of the insolvency proceeding against Byju's within one week.

Byju has argued that it has not failed to pay and has presented an offer to resolve the matter amicably.The company has even filed a settlement plea in the NCLT, which remains pending.