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NCLT issues notice in insolvency plea filed by Oppo against Byju's
Board of Control for Cricket in India (BCCI) filed the first insolvency plea against Byju's in November 2023.
The NCLAT had previously closed insolvency proceedings after Byju’s board member Riju Raveendran personally settled the dues with the BCCI.
The National Company Law Tribunal (NCLT) in Bengaluru issued notice in an insolvency plea filed by mobile phone manufacturer Oppo against embattled ed-tech company Byju's, as per Moneycontrol.
Apart from Oppo, two new insolvency pleas have been filed against Byju's. They were filed by US based publishing company McGraw Hill education and end-to-end customer experience solutions company Cogent E-services. The addition of three pleas take the total number of insolvency pleas filed against Byju's to seven, as per the report.
While Cogent E-services filed its plea as early as February 2024, MCGraw Hill and Oppo filed their plea in March, however all these three pleas were registered in the NCLT in the last one week. These cases are likely to come up for hearing in the last week of May or the first week of June.
A total of six OCs and one FC have moved the NCLT against Byju's.
Board of Control for Cricket in India (BCCI) filed the first insolvency plea against Byju's in November 2023. The cricket board claimed that the company had defaulted on a payment of Rs 158 crore. The plea is at an advanced stage of hearing at the NCLT.
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