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Byju's gets 3 NCLT notices over non-payment of dues: Report
Photo Courtesy: ICC website

Byju's gets 3 NCLT notices over non-payment of dues: Report

| @indiablooms | 22 May 2024, 04:58 pm

New Delhi: The National Company Law Tribunal (NCLT) on Wednesday issued notices to Think and Learn Pvt Ltd, the parent company of Byju’s, in three cases related to unpaid dues to operational creditors, media reports said.

Byju’s is currently embroiled in litigation with at least seven vendors at the NCLT due to a severe financial crisis, reported Moneycontrol.

The hearings for the three cases, brought by McGraw Hill, Cogent E-services, and AG Automation, are set for July 3.

The NCLT has given Byju’s two weeks to respond and an additional week for the petitioners to file a rejoinder.

According to the petitions, Byju’s owes McGraw Hill Rs 1.43 crore and approximately Rs 6 crore to Cogent, said the report.

Moneycontrol earlier reported that a group of employees have hired a lawyer and plan to approach NCLT to demand their dues from Byju’s.

Byju's is experiencing significant turmoil, with investor board members resigning due to disagreements with the founder and CEO, Byju Raveendran.

The newly appointed CEO, Arjun Mohan, and CFO, Ajay Goel, have also stepped down.

In an effort to address these challenges, the company set up an advisory council featuring veterans like Mohandas Pai and Rajnish Kumar.

However, both Pai and Kumar plan to step down after their one-year contracts conclude in June this year.

At least seven vendors have dragged Byju's to the NCLT to recover their dues. The edtech company is also facing an oppression and mismanagement lawsuit filed by its investors in the NCLT, according to the report.

The Board of Control for Cricket in India (BCCI) initiated the first insolvency plea against Byju's in November 2023, alleging that the company defaulted on a payment of Rs 158 crore. This plea is currently at an advanced hearing stage in the NCLT.

Following this, insolvency pleas were also filed by France-based Teleperformance Business Services, Glas Trust Company (the lenders), and the digital marketing firm Surfer Technologies.

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