The notices to BYJU'S were reportedly issued on May 22 and the hearing in all three cases is scheduled for July 3
The notices are related to cases filed by publishing company McGraw Hill, BPO service provider Cogent E-services, and supplier of automation control products AG Automation
BYJU’S owes McGraw Hills INR 1.43 Cr and Cogent, about INR 6 Cr, as per the petitions
The National Company Law Tribunal (NCLT) has reportedly issued notices to Think and Learn Pvt Ltd, the parent entity of beleaguered edtech major BYJU’S, concerning three cases of non-payment of dues to operational creditors.
As per a Moneycontrol report, the notices were issued on Wednesday (May 22) and the hearing in all three cases is scheduled for July 3.
The notices are reported to be related to cases filed by publishing company McGraw Hill, BPO service provider Cogent E-services, and supplier of automation control products AG Automation.
BYJU’S
owes McGraw Hills INR 1.43 Cr and Cogent, about INR 6 Cr, as per the petitions.
The report said that the NCLT bench gave the edtech giant two weeks to respond and another week for the petitioner to file a rejoinder.
Inc42 could not see NCLT’s orders in this regard and the story will be updated once we are able to verify the notices.
BYJU’S is involved in litigation with several vendors in NCLT, including the Chinese electronics manufacturer OPPO Mobiles Pvt Ltd, the Indian arm of the French customer services company Teleperformance, and the Board of Control for Cricket in India (BCCI), among others.
The latest development comes at a time when the company is undergoing fresh turmoil. Ace investor TV Mohandas Pai and ex-SBI Chairman Rajnish Kumar have decided to step down from the BYJU’S advisory panel next month.
Kumar and Pai have “mutually” decided not to renew the contractual agreement between them.
On the other hand, Riju Ravindran, brother of BYJU’s founder and CEO Byju Raveendran and a director at Think & Learn Pvt Ltd, has now been found in contempt of court at a show cause hearing earlier this week, in the United States Bankruptcy Court for the District of Delaware.
Amid these problems, BYJU’S claims to have started working under a BYJU’S 3.0 model and has revamped its product pricing and revamped the sales model.
