India's Byju's, BCCI agree to settle $19 million dispute case

NEW DELHI: India's Byju's and the Board of Control for Cricket in India (BCCI) have reached a settlement in a $19 million payments dispute, a lawyer for the ed-tech company confirmed on Wednesday. Founder Byju Raveendran has been personally handling negotiations to resolve the issue and extricate the company from an insolvency process that had frozen its assets. According to Arun Kathpalia, a senior lawyer involved in the case, the payment to BCCI will be made by Byju's founder's brother Riju Raveendran. While it is not immediately clear how much Byju's is expected to pay, Kathpalia said that 500 million rupees (around $6 million) has already been paid to the Indian cricket board.Byju's and the BCCI have not yet responded to Reuters' requests for comment.Earlier this month, a company tribunal began insolvency proceedings against Byju's after BCCI complained about unpaid sponsorship payments. The situation represents another setback for the startup, which has faced significant challenges in recent years.Once celebrated by investors, Byju's has experienced considerable turmoil, including changes in its board of directors, conflicts with investors, and a dramatic drop in its valuation—from $22 billion in 2022 to under $3 billion in 2023. Throughout these challenges, Byju's has denied any wrongdoing.The National Company Law Appellate Tribunal, currently handling the case, announced that it will continue to hear the matter on Thursday.