NCLT Issues Three Notices To Byju's Over Unpaid Dues, Hearing Scheduled For July 3

The National Company Law Tribunal (NCLT) has issued notices to Think and Learn Pvt Ltd, the parent company of Byju's, due to claims of unpaid dues from several creditors.

Three companies, McGraw Hill, Cogent E-services, and AG Automation, have filed cases against Byju's. McGraw Hill claims that Byju's owes them Rs 1.43 crore, while Cogent E-services says they are owed Rs 6 crore. The NCLT has set hearings for these cases on July 3, giving Byju's two weeks to respond and another week for the creditors to reply.

Byju's is facing a serious financial crisis, with at least seven vendors involved in legal disputes with the company. Recently, the newly appointed CEO Arjun Mohan and CFO Ajay Goel both resigned. Additionally, an advisory council with experienced professionals like Mohandas Pai and Rajnish Kumar was set up to help the company, but they are expected to leave after their contracts end in June 2024.

Additionally, a group of employees has decided to take legal action to claim their unpaid dues.