'Discussions' on between BYJU'S and Board of Control for Cricket in India (BCCI) to settle their dispute?

To avoid insolvency proceedings BYJU'S is attempting to settle the dispute. BCCI has sought some time as conversations regarding active settlement is going on. 

Appearing on behalf of BCCI, the Solicitor General urged the National Company Law Appellate Tribunal (NCLAT) at Chennai to adjourn the hearing, stated a report by The New Indian Express.

Now, the hearing will happen on Wednesday. 

Meanwhile, the petition filed by Byju Raveendran, Founder of the EdTech firm, seeking the insolvency proceedings to be suspended, was disposed by the Karnataka High Court.

On July 16, the NCLT, Bengaluru bench, admitted an insolvency petition filed by the BCCI against BYJU'S over a Rs 158 crore debt. 

Both BCCI and BYJU'S entered into a team sponsor agreement in 2019, and in 2022, BYJU'S made payment in full only against one invoice for the year 2022-2023. 

The EdTech firm failed to make payments against the remaining invoices raised by the BCCI for the financial year 2022-23.

According to reports, counsel appearing for BYJU'S US-based lenders sought to appeal the NCLT's order disposing of their insolvency plea as the Board of Control for Cricket in India's plea had already been admitted.