Byju’s founder reaches settlement with BCCI over pending dues

CHENNAI: Byju’s founder Byju Raveendran’s source of funds came into question after his counsel agreed to settle with the Board of Cricket Control in India (BCCI) over pending dues amounting to Rs 159 crore.

Judicial member Justice Rakesh Kumar Jain asked Bjyu to file an affidavit stating the source of the money and it doesn’t violate the injunction order passed by US’s Delware court over transfer of funds.

During his plea against insolvency in the National Company Law Appellate Tribunal (NCLAT), Chennai bench, on Wednesday, Bjyu Raveendran, suspended director and founder of the edtech company, informed the court a part of the settlement had already been paid and agreed to repay the dues in two tranches on August 2 and 9.

However, US-based lenders opposed the settlement to BCCI, stating that Bjyu’s round-tripped the money earlier it transferred to US-based hedge fund Camshaft Capital Fund.

Byju’s counsel said the dues would be paid by his brother Riju Raveendran and he raised funds solely for the purpose of repaying. They also argued that the money would be repaid through a bank route.

On July 18, the National Company Law Tribunal, Bengaluru bench, admitted Think and Learn to the corporate insolvency resolution process in a plea filed by the BCCI. Byju Raveendran moved the NCLAT against the insolvency order.