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Now, OPPO Files Insolvency Plea Against BYJU’S In NCLT

Inc42 · 1y ago

Now, OPPO Files Insolvency Plea Against BYJU’S In NCLT

The National Company Law Tribunal (NCLT) has admitted an insolvency plea against edtech company BYJU'S by OPPO Mobiles Pvt Ltd. BYJU'S has been given two weeks to respond to the matter, and the NCLT is scheduled to hear the case on May 28. The amount owed by BYJU's to OPPO has not been disclosed. This adds to the list of entities seeking payment from BYJU's, including its lenders, the Board of Control for Cricket in India, and other service providers. BYJU's is also facing a case in the US for defaulting on a loan. Internally, the company has been dealing with layoffs and delayed payments to employees.

Related News

OPPO Mobiles moves NCLT against Byju's

Livemint

Livemint · 1y ago

OPPO Mobiles moves NCLT against Byju's

Chinese electronics manufacturer OPPO Mobiles has filed an insolvency plea against edtech firm Byju's in the Bengaluru bench of the National Company Law Tribunal (NCLT) in India. OPPO is seeking to recover its dues from Byju's, which has been facing financial difficulties. Byju's has been given two weeks to respond to the plea. The NCLT is also hearing other insolvency petitions against Byju's from various operational creditors. Byju's has been unable to access $200m raised from a recent rights issue following a court order, as its outstanding debt continues to rise.

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.

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.

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.

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.

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.

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.

OPPO Tells NCLT That BYJU’S Owes The Mobile Phone Manufacturer INR 13 Cr

Inc42 · 1y ago

OPPO Tells NCLT That BYJU’S Owes The Mobile Phone Manufacturer INR 13 Cr

OPPO has alleged that BYJU'S didn't fulfill its payment obligations after entering into an agreement to preinstall the edtech platform's apps on its mobile phones. OPPO claimed that BYJU'S promoters are 'absconding' and sought urgent orders from NCLT. The hearing on the plea has been adjourned until July 3rd.

Byju’s founder files FIR against former resolution professional, EY, Glas Trust

Economic Times

Economic Times · 4m ago

Byju’s founder files FIR against former resolution professional, EY, Glas Trust

Byju Raveendran, founder of edtech company Byju's, has filed a police complaint against Pankaj Srivastava, former resolution professional of Think & Learn, Glas Trust, and EY employees, alleging a criminal conspiracy against the company. The allegations involve collusion and fraud related to Byju’s insolvency proceedings. The case is under review by NCLT and NCLAT. Byju's, amid insolvency proceedings, faces legal challenges following disputed resolutions and sponsorship deal settlements with BCCI.

BYJU’S Settles Dispute With Teleperformance, Plea To Be Withdrawn: Report

Inc42 · 1y ago

BYJU’S Settles Dispute With Teleperformance, Plea To Be Withdrawn: Report

BYJU'S has reached a settlement with French company Teleperformance Business Services. The National Company Law Tribunal (NCLT) instructed Teleperformance to withdraw its insolvency plea against BYJU'S and requested a memo to be filed to finalize the case closure. The dispute arose from Teleperformance claiming that BYJU'S owed them around INR 3-4 crore in unpaid dues.

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