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 (Corporate Debtor/Respondent). The claim pertains to a default of Rs. 1,58,90,92,400/- arising from a 'Team Sponsor Agreement' dated 25/07/2019, where BCCI granted sponsorship rights to Think & Learn for the Indian cricket teams. The agreement initially ran until 31/03/2022 but continued informally until 31/03/2023. Despite making some payments, a significant amount remained unpaid, leading to the demand notice and subsequent CIRP application.
The Board of Control for Cricket in India (BCCI) and Think & Learn Private Limited (BYJU'S) entered into a 'Team Sponsor Agreement' on 2019-07-25, granting BYJU'S sponsorship rights for the Indian cricket teams. The agreement was initially valid until 2022-03-31 but was informally extended until 2023-03-31. As per the agreement, BCCI provided BYJU'S with marketing and advertising services, including the right to display trademarks on team kits and use video footage. BYJU'S was obligated to pay a fee for these services. After 2022-03-31, BYJU'S made a payment of Rs 25,35,50,000/- for the India-South Africa series. However, payments for other invoices remained outstanding. BYJU'S requested extensions for payment via emails, acknowledging the debt. BCCI encashed a
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BCCI and Think & Learn…
The initial term of the 'Team Sponsor…
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 (Corporate Debtor/Respondent). The claim pertains to a default of Rs. 1,58,90,92,400/- arising from a 'Team Sponsor Agreement' dated 25/07/2019, where BCCI granted sponsorship rights to Think & Learn for the Indian cricket teams. The agreement initially ran until 31/03/2022 but continued informally until 31/03/2023. Despite making some payments, a significant amount remained unpaid, leading to the demand notice and subsequent CIRP application.
The Board of Control for Cricket in India (BCCI) and Think & Learn Private Limited (BYJU'S) entered into a 'Team Sponsor Agreement' on 2019-07-25, granting BYJU'S sponsorship rights for the Indian cricket teams. The agreement was initially valid until 2022-03-31 but was informally extended until 2023-03-31. As per the agreement, BCCI provided BYJU'S with marketing and advertising services, including the right to display trademarks on team kits and use video footage. BYJU'S was obligated to pay a fee for these services. After 2022-03-31, BYJU'S made a payment of Rs 25,35,50,000/- for the India-South Africa series. However, payments for other invoices remained outstanding. BYJU'S requested extensions for payment via emails, acknowledging the debt. BCCI encashed a
…BCCI and Think & Learn…
The initial term of the 'Team Sponsor…