24 May 2024
Byju’s parent company, Think and Learn Pvt Ltd, is facing financial trouble and is being sued by several creditors. The National Company Law Tribunal (NCLT) on May 22 issued notices to Think and Learn in three cases over non-payment of dues to operational creditors, according to a Moneycontrol report.
The three cases were filed by publisher McGraw Hill, BPO service provider Cogent, and automation control products supplier AG Automation.
Byju’s is in involved in litigation with at least seven vendors in NCLT amid an acute financial crisis.
Byju’s owes McGraw Hill Rs 1.43 crore and Cogent about Rs 6 crore. The NCLT has given Byju’s two weeks to respond and the creditors one week to file a rejoinder.
The hearing in the cases is scheduled for July 3.
Byju’s parent company, Think and Learn Pvt Ltd, is facing financial trouble and is being sued by several creditors. The National Company Law Tribunal (NCLT) on May 22 issued notices to Think and Learn in three cases over non-payment of dues to operational creditors, according to a Moneycontrol report.
The three cases were filed by publisher McGraw Hill, BPO service provider Cogent, and automation control products supplier AG Automation.
Byju’s is in involved in litigation with at least seven vendors in NCLT amid an acute financial crisis.
Byju’s owes McGraw Hill Rs 1.43 crore and Cogent about Rs 6 crore. The NCLT has given Byju’s two weeks to respond and the creditors one week to file a rejoinder.
The hearing in the cases is scheduled for July 3.
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