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The NCLT issued notices to byju's and sought its reply within 2 weeks in the plea filed by the BPO and 1 week's time in the petition filed by Surfer Technology
The National Company Law Tribunal (NCLT) Bengaluru has recently issued notices to Think & Learn, the parent company of Byju’s, in petitions filed by two vendors seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Byju’s.
The two lenders who have approached NCLT are the Business Process Outsourcing (BPO) entity called Teleperformance Business Services and the digital marketing vendor Surfer Technologies
A Special Division Bench, comprising Justice T. Krishnavalli and Technical Member Manoj Kumar Dubey, issued notices to byju's and sought its reply within 2 weeks in the plea filed by the BPO and 1 week's time in the petition filed by Surfer Technology
Teleperformance, an operational creditor of Byju’s, has contended that it entered into a service agreement on April 16, 2022. They argued that despite issuing 21 notices, a debt of Rs. 4.82 crore with Rs. 21 lakh interest remained unpaid.
The petition filed by Surfer stated that Byju’s owed them Rs. 2.3 crore and that they had also issued a notice to Byju’s on December 8, 2023, before filing the petition.
Advocate Dhruv Suri, appearing for Surfer, contended that even after raising invoices, the debt remained unpaid.
“We were the digital marketing vendors. We would send them leads and only after they confirm about a lead, we would raise an invoice. So the invoices are raised after confirmation and they remained unpaid till date,” Suri said.
Last year, Board of Control of Cricket in India (BCCI) also filed a petition under Section 9 of the Insolvency and Bankruptcy Code 2016 against ed tech giant Byju's, which has claimed to have defaulted on payment of Rs. 158 crores.
The dispute between the BCCI and Byju's pertains to the sponsorship contract for providing jerseys to the Indian Cricket Team.
Reportedly, the said dispute revolves around a Rs. 160 crore sponsorship contract scheduled to end in November 2023. However, the cricket board insisted on continuing the contract until March 2024 to facilitate the board in securing a new sponsor on board from the new financial year.
As per reports, the ed tech giant has said that it was in talks with BCCI to settle the insolvency issue.
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