The parent company of Byju's, Think and Learn Private Limited, received notice from the National Company Law Tribunal on May 22 in three cases. It's related to the non-payment of dues to the operational creditors, as per a report by Moneycontrol.
As per the petition, Byju's owes Rs 1.3 crore to MCGrawHill and Rs 6 crore to Cogent.
The parent company of Byju's, Think and Learn Private Limited, received notice from the National Company Law Tribunal on May 22 in three cases. It's related to the non-payment of dues to the operational creditors, as per a report by Moneycontrol.
All three cases will be heard again on July 3. As per the report, the cases have been filled by the supplier of automation control products, AG Automation, Cogent E Services, which is a BPO service provider, and publishing company MCGrawHill. Byju's has been given two weeks to respond and one more week to file a rejoinder.
As per the petition, reportedly, Byju's owes Rs 1.3 crore to MCGrawHill and Rs 6 crore to Cogent. However, this isn’t the first time Byju’s has been dragged to the NCLT. With the aim of recovering their dues, nearly seven companies have filed insolvency pleas against Byju’s.
The first insolvency plea was filed by the Board of Control for Cricket in India (BCCI) in November 2023. The BCCI said that Byju’s owed the cricket administrative body Rs. 158 crore. Other companies that also filed insolvency pleas included digital marketing firm Surgery Technologies and Glad Trust, a teleperformance business services company based out of France.
On May 1, Oppo also filed an insolvency plea against Byju’s at the NCLT’s Bengaluru Bench. The case is scheduled to be heard by the bench on May 28. In addition to all these, four investors—Prosus NV, General Atlantic, Sofina, and Peak XV Partners—are fighting an 'oppression and management' plea at the NCLT. The case, which will be heard again on June 6, is related to a $200 million rights issue.
Amidst all this, Arjun Mohan, the CEO of Byju’s India, resigned from his position last month. This was nearly six months after he took over the new rule. Rajnish Kumar and Mohandas Pai, the senior advisors of Byju's, also decided to step down from Byju’s advisory panel.