NCLT grants one week to Byju's, Teleperformance to settle debt dispute

The decision came after Byju's counsel, Senior Advocate Pramod Nair, informed the NCLT that it was trying to resolve the issue with Teleperformance, the creditor

The National Company Law Tribunal (NCLT) at Bengaluru on Thursday granted a week’s time to Teleperformance Business Services India to settle its dispute with Think & Learn Pvt Ltd, the parent company of edtech firm Byju’s, in relation to a default in payment by the latter, according to the law platform Bar & Bench.

This came after Byju’s counsel, Senior Advocate Pramod Nair, informed the NCLT that it was trying to resolve the issue with Teleperformance, the creditor.

"We advise that the parties try and speak to each other and resolve this; we are fairly confident that we will reach a settlement and report to the tribunal," Nair submitted.

 

A coram of Judicial Member K Biswal and Technical Member Manoj Kumar Dubey granted the parties a week’s time to attempt to reach a settlement, according to Bar & Bench.

It adjourned the matter to April 30. If no settlement is reached by then, the Court will hear the parties finally. The tribunal was hearing a petition by Teleperformance, the Indian unit of a French multinational company. The petition sought to initiate insolvency proceedings against Byju’s for recovering an amount of approximately Rs 5 crore which Byju’s purportedly defaulted.