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, against Think & Learn Private Limited (BYJU'S), the Corporate Debtor/Respondent, seeking to initiate Corporate Insolvency Resolution Process (CIRP) due to a default of Rs. 1,58,90,92,400/-. The claim arises from a 'Team Sponsor Agreement' dated 25/07/2019, where BCCI granted sponsorship rights to BYJU'S. The agreement initially ran until 31/03/2022, but continued even after that date pending a formal document. BCCI provided marketing, advertising, and promotional services, and BYJU'S was to pay a fee. After 31/03/2022, BYJU'S made a payment against one invoice for the India-South Africa cricket
…The Board of Control for Cricket in India (BCCI) and Think & Learn Private Limited (BYJU'S) entered into a 'Team Sponsor Agreement' on 25/07/2019, granting sponsorship rights to BYJU'S. The agreement initially ran until 31/03/2022, but the arrangement continued even after that date pending a formal document. Under the agreement, BCCI provided marketing, advertising, and promotional services to BYJU'S. BYJU'S was required to pay a fee to BCCI. After 31/03/2022, BYJU'S made a payment against one invoice for the India-South Africa cricket series held in June 2022. However, payments for the remaining invoices for the financial year 2022-23 were not made. BYJU'S gave consent to encash a Bank Guarantee of Rs 143,00,00,000/-, but this was insufficient to cover the entire
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The Operational…
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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, against Think & Learn Private Limited (BYJU'S), the Corporate Debtor/Respondent, seeking to initiate Corporate Insolvency Resolution Process (CIRP) due to a default of Rs. 1,58,90,92,400/-. The claim arises from a 'Team Sponsor Agreement' dated 25/07/2019, where BCCI granted sponsorship rights to BYJU'S. The agreement initially ran until 31/03/2022, but continued even after that date pending a formal document. BCCI provided marketing, advertising, and promotional services, and BYJU'S was to pay a fee. After 31/03/2022, BYJU'S made a payment against one invoice for the India-South Africa cricket
…The Board of Control for Cricket in India (BCCI) and Think & Learn Private Limited (BYJU'S) entered into a 'Team Sponsor Agreement' on 25/07/2019, granting sponsorship rights to BYJU'S. The agreement initially ran until 31/03/2022, but the arrangement continued even after that date pending a formal document. Under the agreement, BCCI provided marketing, advertising, and promotional services to BYJU'S. BYJU'S was required to pay a fee to BCCI. After 31/03/2022, BYJU'S made a payment against one invoice for the India-South Africa cricket series held in June 2022. However, payments for the remaining invoices for the financial year 2022-23 were not made. BYJU'S gave consent to encash a Bank Guarantee of Rs 143,00,00,000/-, but this was insufficient to cover the entire
…The Operational…
The term of the Agreement dated 25/07/2019…