The Board and Control for Cricket in India Vs Think & Learn Pvt ltd

Case No.- CP(IB) No. 149/BB/2023

Background: The BCCI has moved to the National Company Law Tribunal
(NCLT) Bengaluru against Byju's over pending dues related to the sponsorship
of the Indian cricket team's jerseys. The case, filed under Section 9 of the
Insolvency and Bankruptcy Code, targets Think & Learn Pvt Ltd, Byju's parent
company. This legal saga commenced on September 8, 2023, and the next
hearing is scheduled for December 22.

Sponsorship Dynamics: Byju's had initially taken over the Indian cricket team's
jersey sponsorship in 2019, but the partnership faced an abrupt termination in
December 2022, citing financial challenges amid the Indian startup ecosystem's
funding constraints. The sponsorship baton was then passed to Dream11,
costing Rs 358 Crore to replace Byju's.

Financial Struggles: Byju's has been navigating financial turbulence, marked by

a series of layoffs, amounting to over 5,000 employees since 2022. The
company's fiscal year 2020-21 report revealed a 20X YoY surge in net loss to
Rs. 4,588 Crores, despite flat revenue at Rs. 2,280 Crores. Recent troubles
extend beyond the cricket field, with the ED issuing a show cause notice of Rs.
9,362 Crore for alleged violations of foreign exchange rules.

Global Challenges: On the international front, Byju's is grappling with a dispute

with US lenders over a missed interest payment on a $1.2 billion term loan B.
To address financial challenges, the company is strategically selling key assets,
including Epic and Great Learning, aiming to generate $800 million-$1 billion
in cash.
Byju's Response: Despite the storm, Byju's claims to be in the process of
clearing payments and settling unpaid dues owed to the BCCI.

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