The Board of Control for Cricket in India (BCCI), as the Operational Creditor/Petitioner, filed a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Think & Learn Private Limited (BYJU'S), the Corporate Debtor/Respondent. The claim pertains to a default of Rs. 1,58,90,92,400/- arising from a 'Team Sponsor Agreement' where BCCI granted sponsorship rights to BYJU'S. The agreement, initially effective until March 31, 2022, was allegedly extended, with BYJU'S continuing to avail services until March 31, 2023. The petition was filed due to non-payment of invoices raised for the financial year 2022-23, despite BYJU'S having made some payments and providing a bank guarantee.
The Board of Control for Cricket in India (BCCI) and Think & Learn Private Limited (BYJU'S) entered into a 'Team Sponsor Agreement' dated July 25, 2019, where BCCI granted sponsorship rights to BYJU'S. The agreement was initially effective until March 31, 2022, but BYJU'S continued to avail services until March 31, 2023. BCCI raised invoices for the financial year 2022-23, totaling Rs. 1,58,90,92,400/-, against which BYJU'S made some payments and provided a bank guarantee of Rs 143 crores. BYJU'S requested extensions for payment via emails, acknowledging the debt. A demand notice was sent by BCCI on July 19, 2023, to which BYJU'S replied, claiming no contract was in force and the claim did not constitute an 'operational debt.' The invoices included charges for
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The Board of Control for Cricket in India (BCCI), as the Operational Creditor/Petitioner, filed a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Think & Learn Private Limited (BYJU'S), the Corporate Debtor/Respondent. The claim pertains to a default of Rs. 1,58,90,92,400/- arising from a 'Team Sponsor Agreement' where BCCI granted sponsorship rights to BYJU'S. The agreement, initially effective until March 31, 2022, was allegedly extended, with BYJU'S continuing to avail services until March 31, 2023. The petition was filed due to non-payment of invoices raised for the financial year 2022-23, despite BYJU'S having made some payments and providing a bank guarantee.
The Board of Control for Cricket in India (BCCI) and Think & Learn Private Limited (BYJU'S) entered into a 'Team Sponsor Agreement' dated July 25, 2019, where BCCI granted sponsorship rights to BYJU'S. The agreement was initially effective until March 31, 2022, but BYJU'S continued to avail services until March 31, 2023. BCCI raised invoices for the financial year 2022-23, totaling Rs. 1,58,90,92,400/-, against which BYJU'S made some payments and provided a bank guarantee of Rs 143 crores. BYJU'S requested extensions for payment via emails, acknowledging the debt. A demand notice was sent by BCCI on July 19, 2023, to which BYJU'S replied, claiming no contract was in force and the claim did not constitute an 'operational debt.' The invoices included charges for
…The Operational…
The initial term of the…