Recently, the National Company Law Tribunal (NCLT) was informed by Gurugram-based Surfer Technologies that it has amicably resolved its issues with Byju’s. This is as per a Mint report.
Following this, both parties have been asked by the NCLT to submit a formal application, since the decision on the insolvency had been reserved a few weeks earlier. The Gurugram-based company has suggested it would withdraw its insolvency petition against the ed-tech firm.
In an earlier hearing, the counsel had said, “We were the digital marketing vendors. We would send them leads and only after they confirm a lead, we would raise an invoice. They remained unpaid to date.”
Advertisement
The insolvency proceeding was filed by Surfer Technologies against the ed-tech firm on February 7. The Gurugram-based company mentioned that they had issued a notice to the ed tech firm before filing for bankruptcy. The bankruptcy plea was filed by the company after the ed-tech firm owned Surfer Technologies more than Rs 2 crore.
In April, the NCLT also levied a fee of Rs 20,000 after the ed-tech firm failed to reply to a plea by Surfer Technologies. A bench led by Justices K Biswal and Manoj Kumar Dubey had reportedly said, “Response will be considered only if you deposit the cost.”
Advertisement
The ed-tech firm had mentioned earlier that since the amount owed to Surfer Technologies was not huge, there was a chance of settlement with the company.
This relief for Byju’s comes after France-based Teleperformance Business Services also decided to settle insolvency plea with the ed-tech firm. On several occasions, the ed-tech firm was urged by NCLT to settle the plea with Teleperformance Business Services.
Several companies, including Oppo, General Atlantic, and MIH Edtech, are some of the other companies that filed insolvency pleas against the ed-tech firm. The ed-tech firm is already grappling with financial crises and disputes with its investors.
Just one email a week