The National Company Law Tribunal (NCLT) in Bengaluru has issued a notice today on a petition filed by digital marketing vendor Surfer Technologies, seeking the initiation of insolvency proceedings against Think & Learn Pvt Ltd, the parent company of edu-tech startup Byju's. A special bench comprising judicial member Justice (retired) T Krishnavalli and technical member Manoj Kumar Dubey granted Byju's one week's time to file its reply. The matter has been scheduled for the next hearing on March 5, 2024.
According to Bar and Bench reports, Surfer Technologies, represented by Advocate Dhruv Suri, argued that Byju's owes a debt of ₹2.3 crores. The company had issued a notice to Byju's on December 8, 2023, before filing its application with the NCLT. Suri stated, "We were the digital marketing vendors. We would send them leads and only after they confirm about a lead, we would raise an invoice. So the invoices are raised after confirmation and they remained unpaid till date. The invoices which remained unpaid, continue to be debts."
This petition by Surfer Technologies marks the third attempt to initiate insolvency proceedings against Byju's. Two other petitions, filed by lenders, are pending. The first petition was filed by a group of international lenders and is currently under scrutiny before the registry of the NCLT in Bengaluru. The second petition was submitted by an operational creditor, Teleperformance Business Services India Limited, the Indian unit of a French multinational company. It was filed through King Stubb & Kasiva from New Delhi on November 4, 2023.