NCLT requests that Byju's resolve their disagreement with Teleperformance in a week

NCLT requests that Byju's resolve their disagreement with Teleperformance in a week

If the matter is still unresolved at that point, the tribunal will consider the case on its merits and issue a ruling appropriately. There will now be a hearing in this matter on April 30.

On April 18, the National Company Law Tribunal (NCLT) ordered struggling edtech company Byju's to resolve its dispute with Teleperformance Business Services, a French company, within a week.

But if there's still no resolution by then, the tribunal will consider the matter on its merits and issue an order based on that determination. There will now be a hearing in this matter on April 30.

Today is the scheduled hearing for Teleperformance's insolvency petition. The tribunal postponed the hearing after Byju's senior attorney Pramod Nair informed the judge that the business was attempting to resolve the conflict. There will now be a hearing in this matter on April 30.

Teleperformance contended during the hearing that they had signed a service agreement in April 2022 and that between March and August 2023, there were over 20 outstanding bills totaling more than Rs 4 crore. Byju's acknowledged a default on their side and did not refute these allegations. Byju's promised to pay the sum in three installments: Rs 1.5 crore in the first trance, Rs 2 crore in the second trance, and Rs 2.2 crore in the third tranche, according to Teleperformace.

Byju's received notice from the NCLT on February 7 in relation to Teleperformance's bankruptcy plea against the Ed tech business. Up to mid-2022, Byju's used to employ outsourcing companies including Teleperformance, Cogent E Services, and iEnergizer. The three businesses supplied calling agents to Byju's, which, as problems grew, terminated Teleperformance and Cogent E's services in an effort to save expenses.

The digital marketing company Surfer Technologies filed an insolvency plea against Byju's, and on February 6th, the NCLT sent out a notice. Similarly, on February 28, the US-based non-bank lending agency Glas Trust Company LLC filed a plea on behalf of Byju's, and the NCLT notified Byju's to admit the business to the insolvency resolution procedure.

As Byju's US corporation, Byju's Alpha Inc., is now going through a voluntary bankruptcy procedure at a Delaware court, Glas Trust represents more than 100 lenders who had made loans to Byju. Senior counsel Uday Holla said that the Indian company Byju's had stood guarantee to the $ 1.2-billion loan, or Rs 8,000 crore, during his appearance for Glas trust, Think and Learn.

The bankruptcy case brought forward by the Board of Control for Cricket in India (BCCI) alleging that Byju's had neglected to pay Rs 158 crore was also at a more advanced stage of hearing.