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Fresh trouble for BYJU’S as it receives another insolvency notice

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  1. 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.
  2. Teleperformance claims that BYJU’S owes Rs. 4.82 crore plus Rs. 21 lakh interest for its business process outsourcing services.
  3. BYJU’S has two weeks to file objections, while the operational creditor has one week to reply.
  4. 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.
  5. 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.
  6. The NCLT rejected BYJU’S request to dismiss the insolvency case, setting the BCCI case for February 28.
  7. 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.
  8. 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.
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