Byju's moves NCLAT to challenge bankruptcy tribunal’s insolvency order

Edtech firm Byju's has approached the National Company Law Appellate Tribunal (NCLAT) against its order which admitted the BCCI's plea against the edtech’s parent company Think and Learn to initiate insolvency. As per industry sources, the appellate tribunal will likely hear BYJU’S petition on July 22. 

This comes days after the Bengaluru bench of the NCLT admitted BCCI's petition seeking insolvency proceedings against BYJU'S over alleged unpaid dues of about Rs 158.9 crore. On July 16, BCCI slapped an insolvency case against Byju’s for failing to pay Rs 158.9 crore to BCCI. As a result, CEO Byju Raveendran was expected to be present in front of the appointed resolution professional. Raveendran may contest the insolvency bid, media reports said.  

On July 15, Byju’s creditor Surfer Technologies settled an insolvency case with the edtech firm, which saw Surfer Technologies tell the Bengaluru bench of the NCLT that it had reached an amicable settlement with Byju’s. On July 14, landlords locked over 100 Byju’s tuition centres over unpaid rent for last three months. This came as Byju's has not paid electricity, garbage, water bills across many functional BTCs. 

Last month,  the Ministry of Corporate Affairs ( MCA) cleared Byju's of any financial misdoings in its probe, while as Teleperformance has withdrawn its insolvency plea against the edtech firm.