afaqs! news bureau

BCCI takes legal action against Byju’s for ₹158 crore payment default

Byju's took over as the sponsor for the Indian cricket team's jerseys in September 2019, replacing Oppo.

The Board of Control for Cricket in India (BCCI) has taken legal action against Byju’s, its former sponsor, seeking corporate insolvency proceedings over an alleged default of Rs158 crore as per the media reports. The deal, initiated in September 2019, involved Byju’s taking over the Indian cricket team’s jersey sponsorship from Oppo. The contract required Byju’s to pay Rs4.61 crore per bilateral match and Rs 1.51 crore per match in an ICC event.

The NCLT in Bengaluru has issued a notice to Byju’s, granting two weeks for a response and scheduling the next hearing for December 22. Byju’s, facing business challenges, sought to encash its contract bank guarantee of Rs140 crore, leading to the legal dispute. The BCCI filled the sponsorship slot with Dream11 in July for a reduced price of Rs358 crore for 150 matches.

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