The case has been adjourned by the court until April 30.
The National Company Law Tribunal’s (NCLT) Bengaluru branch has granted edtech platform Byju’s one-week extension to settle disputes with France-based Teleperformance Business Services, an operational creditor. According to a report by Bar and Bench, Senior Advocate Pramod Nair of Byju’s told the NCLT that it was trying to solve the issue with Teleperformance Business Services.
As per the report, Nair submitted, "We advise that the parties try and speak to each other and resolve this; we are fairly confident that we will reach a settlement and report to the tribunal.”
The case has been adjourned by the court until April 30. If the parties don’t reach any conclusion, the matter will be heard again. The plea was filed by the India unit of Teleperformance via the King Stubb & Kasiva law firm.
Byju’s failed to clear its dues amounting to Rs 5 crore. Following which, the petitioner filed an insolvency proceeding against the edtech platform. As per Teleperformance, the parties entered into an agreement on April 16, 2022. The company further added that twenty invoices were raised between March and August 2023, but Byju’s didn’t pay them.
Byju’s did admit to the fact that it had defaulted. The ed tech platform has suggested that it will pay the money in three installments of Rs 1.5 crore, Rs 2 crore, and Rs 2.2 crore. Interestingly, Byju’s has said that a partial payment of Rs 1.5 crore has already been made. However, Teleperformance has disputed the claim.
Meanwhile, on April 15, Byju’s India CEO, Arjun Mohan, stepped down from the post. Mohan was with the company for a short span of ten months. With Mohan’s exit, Byju Raveendran will step in as CEO and oversee the daily operations.
This is coming at a time when Byju’s investors, including Prosus NV, Peak XV Partners, General Atlantic, and Sofina SA, expressed concern about Raveendran heading the company. In a statement, the investors said, “We are deeply concerned about the future stability of the company under its current leadership and with the current constitution of the board.”