The National Company Law Tribunal has temporarily halted the buyer search for Think and Learn, the parent company of Byju’s, as legal disputes continue over the edtech firm’s insolvency process, as per media reports.
The tribunal has directed the resolution professional not to invite formal bids or finalise a list of prospective buyers until 31 August. The pause comes as creditors seek more clarity on a proposed Rs 158 crore settlement with the BCCI and ask for details on the source of the funds.
The settlement, if approved, could help end the insolvency proceedings. If it is rejected, the funds deposited by Riju Ravindran are expected to be returned, and the case would continue, with the amount kept in an interest-bearing fixed deposit in the meantime.
The dispute has been further complicated by objections from Byju’s founders over the claims raised by US-based lenders represented by GLAS Trust. They have challenged both the size of the claims and the treatment of recoveries from overseas assets.
The next hearing is scheduled for 15 September, and stakeholders are now waiting to see whether the creditors approve the settlement and whether the tribunal allows the insolvency process to move ahead. |
