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regular-article-logo Saturday, 22 June 2024

National Company Law Tribunal pulls up Byju’s for delay in payments to operational creditors

NCLT bench gave Byju’s two weeks to respond and another week for the petitioners to file a rejoinder

Our Bureau Mumbai Published 23.05.24, 10:38 AM
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Representational image File picture

The National Company Law Tribunal (NCLT) has reportedly issued notices to Think and Learn Pvt Ltd (TLPL), Byju’s parent company, in three cases of alleged non-payment of dues to operational creditors.

A Moneycontrol report said the fresh cases have been filed by publishing company McGraw Hill, BPO service provider Cogent E-services and AG Automation, which is a supplier of automation control products.

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The matter is scheduled to be heard on July 3.

The NCLT bench gave Byju’s two weeks to respond and another week for the petitioners to file a rejoinder. The petitions have claimed that Byju’s owes McGraw Hill 1.43 crore, while close to 6 crore is due to Cogent.

The development comes at a time a group of employees are also planning to take the company to the tribunal for unpaid dues. Around seven vendors have filed petitions against Byju’s at the NCLT to recover their dues. These include the Board of Control for Cricket in India (BCCI), which alleged that the company defaulted on a payment of 158 crore.

These claims come even as the company has been unable to access the $200 million rights issue following disputes with some of its investors. A group of four investors — Prosus, General Atlantic, Sofina, and Peak XV — along with support from other shareholders, including Tiger and Owl Ventures, had approached the NCLT against the company management and the rights issue.

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