The National Law Company Tribunal (NCLT) at Bengaluru on Wednesday issued notice on a petition filed by a Business Process Outsourcing (BPO) entity called Teleperformance Business Services for initiation of insolvency proceedings against the parent company of edu-tech startup Byju's.A special bench of judicial member Justice (retired) T Krishnavalli and technical member Manoj Kumar Dubey granted two week sto Byju's to file its reply and posted the matter for hearing on March 11.Teleperformance, an operational creditor of Byju's, is the Indian unit of a French multinational company.The petition filed through King Stubb & Kasiva on November 4, 2023 stated that the parties had entered into a service agreement on April 16, 2022. There were 21 invoices raised between March 14 to end of August 2023 which had not been paid by Byju's, the petitioner argued.The debt was ₹4.82 crore along with ₹21 lakh in interest, which was unpaid till date, the petition highlighted.Apart from the present petition, there are two other lenders seeking initiation of insolvency proceedings against Byju's.The first is a petition by digital marketing vendor Surfer Technologies, which was heard by NCLT Bengaluru on February 6.The second is by international lenders, which is yet to be numbered and listed for hearing.
TAGS: NCLT Bengaluru Insolvency proceedings Teleperformance Business Services Byju's
