BENGALURU: The National Company Law Tribunal (NCLT) has issued notices to Byju’s parent Think and Learn in three cases of unpaid due claims.
Publishing company McGraw Hill, BPO service provider Cogent E-services and supplier of automation control products AG Automation have filed cases against the edtech firm and these cases will be heard on July 3. Byju’s owes McGraw Hill Rs 1.43 crore and about Rs 6 crore to Cogent E-services.
The NCLT bench has given the firm two weeks to respond. Earlier in April, the Bengaluru bench of NCLT deferred hearing of the ongoing case between Byju’s and the four investors to June 6. Byju’s four investors including Peak XV Partners and General Atlantic had filed the oppression and mismanagement plea against the firm.
Meanwhile, Byju Raveendran’s brother Riju Ravindran is facing penalties for not disclosing the location of the term loan money of $533 million. A US bankruptcy court has ordered financial penalties against Ravindran.
Sources said the Delaware court has no jurisdiction over Riju Ravindran, an Indian citizen. Any conclusions or statements made by the court regarding his actions lack legal authority and are not enforceable. Sources added that Riju Ravindran has been participating in the proceedings despite the evident bias demonstrated by Judge John T. Dorsey.
Earlier in March, the US Bankruptcy Court prohibited transfer or use of $533 million. It ordered a injunction, thereby seeking to maintain status quo. Both Byju’s and $1.2 billion Term Loan B (TLB) lenders are fighting a legal battle in US courts.
Byju’s had taken a loan from US-based lenders in November 2021 and for that purpose an SPV named Byju’s Alpha was incorporated in Delaware. Byju’s Alpha initially appointed Camshaft Capital Fund, founded by William Morton, to manage its funds. In early 2023, the funds were transferred from Byju’s Alpha to Inspilearn, US-based arm of Byju’s. Inspilearn, transferred those funds from Camshaft to a non-US based fund.