Byju's Faces Fine Over Delay In Response To Insolvency Plea
The plea was filed by Surfer Technologies Pvt. in February this year for a default of over Rs 2 crore.
Edtech startup Byju's faced yet another setback when the National Company Law Tribunal imposed a fine of Rs 20,000 on it on Wednesday for failing to respond to one of the insolvency pleas filed against it.
The plea was filed by Surfer Technologies Pvt. in February of this year for a default of over Rs 2 crore. The company is the fourth entity to file proceedings against Byju's.
At first, the tribunal thought of just shutting down Byju's chance to respond, but eventually, they let them have their say after making them pay up. On being questioned on the reason for the delay, Byju's' lawyers said they were waiting on instructions from the company and promised to file a response in three days, but the tribunal did not budge.
The bench then clarified that it will only consider Byju's' response upon payment of imposed costs.
Other entities that have filed such pleas include Teleperformance Business Services India Ltd. for Rs 4.82 crore; the Board of Control for Cricket in India for Rs 158 crore; and its lenders.
