Byju Raveendran, founder of Byju's, is close to paying off his edtech company's debt to the Board of Control for Cricket in India (BCCI), according to his attorney, who notified the National Company Law Appellate Tribunal (NCLAT) on Tuesday.
On Tuesday, the BCCI requested a one-day delay in the NCLAT in connection with the dispute with Byju's parent company, Think and Learn. The BCCI informed NCLAT that conversations with Byju Raveendran, the founder of the edtech business, are ongoing, implying that a resolution is possible.
Solicitor General Tushar Mehta, who attended on behalf of the BCCI, informed the court that certain discussions were underway and sought the NCLAT to postpone the hearing on Raveendran's appeal till Wednesday, July 31.
According to a report by legal website Bar & Bench, Mehta stated at the hearing that the BCCI requested more time to determine whether "anything fruitful will come" out of such discussions.
Sources say that the money will likely be paid in a few installments.
In an appeal, Raveendran had contested Think and Learn's bankruptcy, which had been ordered by the National Company Law Tribunal (NCLT) in Bengaluru.
