NCLT issues notice in BYJU'S insolvency case initiated by OPPO
The National Company Law Tribunal (NCLT) in Bengaluru has issued a notice regarding an insolvency plea against ed-tech giant BYJU'S, initiated by mobile phone manufacturer OPPO. The tribunal is scheduled to hear the case after its summer break, with proceedings expected to start in the last week of May. This adds to the growing list of insolvency pleas against BYJU'S, which now totals seven.
Additional insolvency pleas filed against BYJU'S
In addition to OPPO's plea, BYJU'S is also facing two more insolvency pleas filed in the past week by McGraw Hill Education, a US-based publishing firm, and Cogent E-services, a customer experience solutions provider. A total of six operational creditors and one financial creditor have moved the NCLT against BYJU'S. The beleaguered ed-tech giant is also dealing with an oppression and mismanagement plea lodged by its investors in the NCLT.
Timeline of insolvency pleas against BYJU's
Cogent E-services was the first to file its insolvency plea against BYJU'S in February 2024, followed by McGraw Hill and OPPO in March. However, all three pleas were officially registered with the NCLT only within the past week. In November 2023, the BCCI initiated the first insolvency petition against BYJU'S, alleging a default on a payment of ₹158 crore. France-based Teleperformance Business Services, Glas Trust Company, and digital marketing firm Surfer Technologies have also filed insolvency petitions.
