Byju’s Settlement With BCCI Deferred by NCLAT

New Delhi: The National Company Law Appellate Tribunal (NCLAT) on July 31 deferred accepting a Rs 158-crore settlement between Byju’s founder Byju Raveendran and the Board of Control for Cricket in India (BCCI), reported moneycontrol.com.

The NCLAT came up with this decision after the US-based lenders of Byju put questions on the source of money to be paid to the BCCI.

NCLAT has asked Raveendran for an undertaking demonstrating that the source of the money is not tainted and the Byju’s founder didn’t violate its orders in raising the money.

Byju’s and BCCI earlier have agreed to settle their dispute over Rs 158 crore of dues. As per the settlement, Byju’s was to pay the BCCI on August 2 and 9 through payments made by Byju Raveendran’s brother Riju- one of the largest shareholders of the company.

But the agreement was questioned by the US-based lenders of Byju’s. Advocate Mukul Rohtgi representing the American lenders asked NCLAT not to accept the settlement. Rohatgi called the settlement a ‘tainted settlement’ which is being paid from ‘stolen money’.

“How can someone who cannot even pay salaries pay Rs 150 crore out of the blue. Byju and Riju conspired and stole $500 million. It is our money which has been withdrawn by these fellows,” Mukul Rohatgi said.