The National Company Law Tribunal in Bengaluru has dubbed July 3 as 'Byju's Day' while adjourning the insolvency proceedings initiated by Oppo Mobiles Pvt. The tech giant claims Byju's defaulted on a Rs 13 crore agreement for pre-installing its app on Oppo phones.
Byju's had agreed to pre-install its educational app on their phones to reach a wider audience but failed to pay the agreed amount, according to Oppo. Oppo claims that Byju's has admitted that the debt remains unpaid, presenting a clear case for insolvency proceedings.
In a related development, Byju's has settled its dispute with France-based Teleperformance Business Services. Byju's will pay Teleperformance around Rs 5 crore in three installments: Rs 1.5 crore, Rs 2 crore, and Rs 2.2 crore
Byju's faces additional claims from Surfer Technologies Pvt. for Rs 2 crore and the Board of Control for Cricket in India (BCCI) for Rs 158 crore. Other entities pursuing similar cases include Glas Trust Co. LLC, and disputes have emerged with its lenders as well.
Byju's was recently fined Rs 20,000 by the NCLT for failing to respond to an insolvency plea filed by Surfer Technologies.
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