The National Company Law Tribunal (NCLT) at Bengaluru has received two petitions against ed-tech start-up Byju’s seeking initiation of insolvency proceedings for recovery of 1.2 billion dollars.
Both the petitions have been filed by international lenders of the ed-tech start-up.
The first petition has been filed by a group of lenders, which is pending scrutiny by the registry of the NCLT Bengaluru.
The second plea is by Teleperformance Business Services India Limited, the Indian unit of a French multinational company, which is the operational creditor to Think & Learn Pvt, the parent company of Byju’s.
The Teleperformance Business Services India Limited petition was filed by King Stubb & Kasiva from New Delhi on November 4, 2023. After scrutiny by the NCLT Registry, the petition was finally numbered on January 25, 2024 and will be listed for hearing in due course.
Byju’s is presently also dealing with insolvency proceedings initiated by the Board of Control for Cricket in India (BCCI) in NCLT Bengaluru.
BCCI had initiated corporate insolvency resolution proceedings against Byju’s in September 2023 after the start-up allegedly failed to pay Rs 158 crore to BCCI after termination of the title-sponsorship rights agreement.
This petition is presently pending before the NCLT as Byju’s is trying to settle the dispute with BCCI through arbitration.
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