Surfer Technologies News Today

The the embattled edtech firm was exploring settlements with operational creditors Teleperformance and Surfer Technologies, Byjus lawyer told NCLT

Byjus has informed NCLT that it is exploring out-of-court settlements with two of its creditors.

NCLT issues notices to Byju's parent company over non-payment of dues, multiple insolvency pleas filed against the edtech giant.

Apart from Oppo, two new insolvency pleas have been filed against Byjus in the last one week. They were filed by US based publishing company McGraw Hill education and end-to-end customer experience solutions company Cogent E-services.

If the dispute is not settled by then, the tribunal would hear the case on merits and pass an order accordingly. The case will now come up for hearing on April 30.

The NCLT directed Byjus to file a response to the plea and listed the case for hearing in April 2024.

The tribunal has directed the parties to file written submissions of their contentions in three day and has also issued notice to Ministry of Corporate Affairs (MCA) and Registrar of Companies (ROC).

Earlier today, Byju's founder and CEO Byju Raveendran said in a shareholder letter that the company's rights issue to raise $200 million at a valuation cut of 99 percent has been fully subscribed.

This is the fourth insolvency plea filed against the ed tech company in less than six months. Though the plea was filed on January 22 it was registered on the file of NCLT on February 21.

Bengaluru: Glas Trust Company LLC, a United States-based non-bank loan agency, filed a plea for insolvency against the troubled-ed tech firm Byju's at the National Company Law Tribunal (NCLT) in Bengaluru, a media report said.