BENGALURU: The Karnataka High Court on Friday deferred hearing on Byju’s founder, Byju Raveendran’s plea challenging the National Company Law Tribunal(NCLT) order that initiated the edtech firm to insolvency process.
The matter is now posted for hearing on July 30. On Thursday, Byju’s moved the high court, seeking a stay on the insolvency proceedings.
The hearing will happen following the hearing at NCLAT Chennai on July 29. The firm had appealed to NCLAT Chennai against insolvency. As per reports, the Board of Control for Cricket in India (BCCI) alleged before the HC that Byju Raveendran has been continuously misleading the court on the insolvency proceedings.
The NCLT started bankruptcy proceedings against Byju’s on a BCCI plea over Rs 158 crore debt. BCCI and Byju’s entered into a team sponsor agreement in 2019, and in 2022, Byju’s made payment in full only against one invoice for the year 2022-2023.
Apart from BCCI, Oppo has also filed an insolvency plea over Rs 13 crore debt. The edtech firm recently settled an insolvency case with Surfer Technologies and Teleperformance. Publishing company McGraw Hill, BPO service provider Cogent E-services and supplier of automation control products AG Automation have also filed cases against the edtech firm.
Last month, the ad-hoc group of term loan lenders of Byju’s Alpha Inc had said certain holders of the term loans and GLAS Trust Company LLC (as administrative agent and collateral agent of the term loans) have filed petitions pursuant to Chapter 11 of the US Bankruptcy Code to initiate Chapter 11 proceedings against Epic!, Neuron Fuel (DBA Tynker), and
Tangible Play (DBA Osmo), the three US-based guarantors of the term loans in the US Bankruptcy Court.
Plea over Rs 158 cr debt
NCLT started bankruptcy proceedings against Byju’s on a BCCI plea over Rs 158 crore debt. BCCI and Byju’s entered a team sponsor pact in 2019, and in 2022
BCCI, Oppo file for insolvency
Apart from BCCI, Oppo has filed insolvency plea over Rs 13 crore debt. The firm recently settled insolvency case with Surfer Tech & Teleperformance. Publishing firm McGraw Hill, BPO service provider Cogent E-services