The National Company Law Tribunal (NCLT) on Wednesday issued notices to the parent company of Byju’s, Think and Learn Pvt Ltd, in three cases over non-payment of dues to operational creditors.
Byju's (Photo:IANS)
The National Company Law Tribunal (NCLT) on Wednesday issued notices to the parent company of Byju’s, Think and Learn Pvt Ltd, in three cases over non-payment of dues to operational creditors.
Hearing in all these three cases, filed by publishing company McGraw Hill, BPO service provider Cogent E-services and supplier of automation control products AG Automation, is scheduled for July 3.
Notably, the Byju’s is involved in litigation with at least seven vendors in NCLT amid an acute financial crisis.
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The NCLT bench gave Byju’s two weeks to respond and another week for the petitioner to file a rejoinder.
It is to be highlighted that the Byju’s owes McGraw Hill Rs 1.43 crore and about Rs 6 crore to Cogent, the petitions claim.
As per the reports, a group of former employees of troubled edtech major BYJU’S is also planning to drag the company to NCLT to demand their dues from the company.
Crisis for the edtech looks far from resolved as the company’s recently appointed CEO Arjun Mohan and CFO Ajay Goel have also stepped down.
For the EdTech, the crisis has been mounting since last year as the Board of Control for Cricket in India (BCCI) filed the first insolvency plea against Byju’s in November 2023.
The cricket board claimed that the company had defaulted on a payment of Rs 158 crore. The plea is at an advanced stage of hearing at the NCLT.
Subsequently, France-based Teleperfomance Business Services company, Glas Trust Company (the lenders), and digital marketing firm called Surfer Technologies all filed insolvency pleas.
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