- The National Company Law Tribunal (NCLT) in Bengaluru has issued a notice to edtech giant BYJU’S following an insolvency bid filed by Teleperformance Business Services India Ltd.
- Teleperformance claims that BYJU’S owes Rs. 4.82 crore plus Rs. 21 lakh interest for its business process outsourcing services.
- BYJU’S has two weeks to file objections, while the operational creditor has one week to reply.
- The case is scheduled for March 11.BYJU’S is facing multiple insolvency petitions, including one from digital marketing firm Surfer Technologies for a default of Rs. 2.3 crore.
- The Board of Control for Cricket in India (BCCI) has alleged that BYJU’S defaulted on a Rs. 158 crore payment for a jersey sponsorship agreement extension.
- The NCLT rejected BYJU’S request to dismiss the insolvency case, setting the BCCI case for February 28.
- BYJU’S is experiencing financial troubles, with its US arm filing for bankruptcy after defaulting on $1.2 billion in debt and facing an insolvency petition from lenders.
- In a letter to employees, BYJU’S accused certain investors of conspiring against the company, alleging they demanded the founder’s resignation as group CEO amidst the crisis.