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NCLT Seeks BYJU’S Response On Surfer Technologies’ Insolvency Plea

Inc42 · 1y ago

NCLT Seeks BYJU’S Response On Surfer Technologies’ Insolvency Plea

The National Company Law Tribunal (NCLT) has issued a notice to edtech giant BYJU’S in response to an insolvency plea filed by digital marketing firm Surfer Technologies. The NCLT has given BYJU’S two weeks to file a response to the plea. This comes on the heels of three other insolvency pleas against BYJU’S by the BCCI, overseas lenders, and Teleperformance. BYJU’S has been facing legal and corporate governance issues recently, and its consolidated net loss increased by 81% in FY22.

Related News

BYJU’S Settles Insolvency Case With Surfer Technologies

Inc42 · 1y ago

BYJU’S Settles Insolvency Case With Surfer Technologies

The NCLT has requested Surfer Technologies and BYJU’S to submit a formal application to resolve the insolvency petition. Surfer Technologies filed the petition against BYJU’S in February 2024, citing pending dues of INR 2.3 Cr. BYJU’S recently informed the NCLT that it had reached a settlement with Teleperformance Business Services from France regarding a separate insolvency petition.

Byju’s creditor Surfer Technologies settles insolvency case with edtech firm | Mint

Livemint

Livemint · 1y ago

Byju’s creditor Surfer Technologies settles insolvency case with edtech firm | Mint

Surfer Technologies, based in Gurugram, has informed the National Company Law Tribunal (NCLT) in Bengaluru that it has reached a settlement with Byju's and may withdraw its insolvency application filed against the edtech company. The NCLT had previously asked both parties to submit a formal application after the insolvency order was reserved. Surfer Technologies had initially filed the application under the Insolvency and Bankruptcy Code, claiming that Byju's owed over ₹2 crore in debt. Byju's had also reached a settlement with another operational creditor, Teleperformance Business Services, earlier this year. The NCLT is currently also dealing with an oppression and mismanagement case against Byju's filed by investors General Atlantic and MIH Edtech.

BCCI Vs BYJU’S: Edtech Giant’s Lawyers Assure NCLT Of ‘Good Health’

Inc42 · 1y ago

BCCI Vs BYJU’S: Edtech Giant’s Lawyers Assure NCLT Of ‘Good Health’

Lawyers representing BYJU'S at the National Company Law Tribunal (NCLT) assured that the edtech giant is in good health and performing well, despite negative media coverage. The NCLT is hearing an insolvency plea filed by the Board of Control for Cricket in India (BCCI) claiming INR 158 Cr in outstanding dues from BYJU'S. The tribunal emphasized the need for a prompt resolution and adjourned the hearing to January 17. BYJU'S has been given time to submit its formal response to the plea.

BYJU’S Crisis: Now, NCLT Admits Insolvency Plea Of Its Term Loan B Lenders

Inc42 · 1y ago

BYJU’S Crisis: Now, NCLT Admits Insolvency Plea Of Its Term Loan B Lenders

The National Company Law Tribunal (NCLT) has admitted an insolvency plea filed by creditors against edtech giant BYJU'S. The case was filed by Glas Trust Company, representing the majority of BYJU'S $1.2 billion Term Loan B lenders. This marks the fourth insolvency petition against BYJU'S in the past six months. The plea was admitted a month after it was filed, and the NCLT has issued notices for all insolvency petitions filed against the company. BYJU'S has been facing various challenges, including layoffs, debt crisis, and growing losses.

NCLAT stays insolvency proceedings against Dream11

Inshorts · 1y ago

NCLAT stays insolvency proceedings against Dream11

The National Company Law Appellate Tribunal (NCLAT) on Wednesday stayed NCLT's order admitting an insolvency plea against Dream11-parent Sporta Technologies. It further directed the NCLT-appointed interim resolution professional to take no action till further order. The insolvency plea was filed against Sporta by an operational creditor over dues worth ₹7.61 crore.

Byju’s investors file caveats in SC

Thehindubusinessline

Thehindubusinessline · 1y ago

Byju’s investors file caveats in SC

Investors of Byju's, the edtech company, have filed a plea with the Supreme Court to be heard before the court decides on a potential plea against a National Company Law Tribunal (NCLT) order. The investors, including General Atlantic and Sofina, have lodged separate caveats at the top court. This comes after the NCLT directed Byju's to hold the proceeds from a rights issue in a separate account until the disposal of an oppression and mismanagement plea by investors. Byju's has faced several legal challenges recently, including insolvency petitions from US lenders and the Board of Control for Cricket in India.

Teleperformance’s Insolvency Plea: NCLT Gives BYJU’S One-Week’s Time To Settle Dispute

Inc42 · 1y ago

Teleperformance’s Insolvency Plea: NCLT Gives BYJU’S One-Week’s Time To Settle Dispute

Indian edtech company BYJU's has been granted one week to settle a payment dispute with French outsourcing firm Teleperformance Business Services. The National Company Law Tribunal (NCLT) issued an insolvency plea against BYJU's for allegedly failing to clear pending dues of INR 3-4 Cr ($400k-$530k). BYJU's said it is confident of reaching a settlement and aims to submit a report to the NCLT. The company is currently facing multiple challenges, including an insolvency plea from overseas lenders and the resignation of its India CEO.

Karnataka HC rejects Byju’s plea in BCCI case; edtech firm to move NCLAT on Monday

Economic Times

Economic Times · 1y ago

Karnataka HC rejects Byju’s plea in BCCI case; edtech firm to move NCLAT on Monday

Edtech firm Byju's has moved the Karnataka High Court to challenge the National Company Law Tribunal (NCLT) order on the Board of Control for Cricket in India's (BCCI) insolvency plea. However, the court did not admit the plea, and Byju's plans to approach the National Company Law Appellate Tribunal (NCLAT) on Monday. Byju's has been admitted into insolvency over unpaid dues of ₹158 crore related to sponsorship rights from the BCCI. Founder Byju Raveendran stated that the insolvency process could lead to a total shutdown of services and halt operations.

BYJU’S Courtroom Drama: Karnataka HC Disposes Of Byju Raveendran’s Plea

Inc42 · 1y ago

BYJU’S Courtroom Drama: Karnataka HC Disposes Of Byju Raveendran’s Plea

The Karnataka High Court has dismissed the plea filed by Byju Raveendran, the founder of BYJU'S, challenging the admission of an insolvency plea against cricket governing body BCCI by the National Company Law Tribunal (NCLT). The judge ruled that the matter is already being heard by the National Company Law Appellate Tribunal (NCLAT), which is scheduled to hold the hearing tomorrow.

NCLT Reserves Order on Byju’s Creditors' Appeal, BCCI Petition to Withdraw Insolvency

OutlookIndia

OutlookIndia · 7m ago

NCLT Reserves Order on Byju’s Creditors' Appeal, BCCI Petition to Withdraw Insolvency

The National Company Law Tribunal (NCLT) has reserved its order on appeals filed by creditors Glas Trust and Aditya Birla Finance against Byju's. The creditors are appealing for their inclusion in Byju's Committee of Creditors (CoC), which had been reconstituted by the insolvency resolution professional, Pankaj Srivastava. Additionally, the Board of Control for Cricket in India (BCCI) has filed a petition to withdraw its insolvency plea against Byju's.

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