BYJU'S parent co's foreign investors move SC for hearing in IBC case
This story was originally published at 20:16 IST on 27 August 2024
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NEW DELHI – General Atlantic Singapore TL Pte Ltd and other foreign investors of debt-ridden Think & Learn Pvt Ltd, parent of online educational services company BYJU'S, have moved the Supreme Court seeking a hearing of their concerns in connection with the company's insolvency case.
The investors, who hold 16.75% of the issued and paid-up share capital of Think & Learn, said they had initiated a case of oppression and mismanagement against the company's management before the Bengaluru bench of the National Company Law Tribunal.
The petitioners said their interests were prejudiced by the persistent acts of oppressive opacity, repeated violation of law and corporate governance norms, and gross mismanagement of the company by the founders. The present insolvency case against Think & Learn and its outcome have a direct and material bearing on the proceedings before the Bengaluru bench and the petitioners' rights against the founders and the company, they added.
Voyager Infosec Pvt Ltd, an operational creditor of Think & Learn, also moved the apex court seeking a hearing. Voyager said it provided digital marketing research, campaign design, and consultancy services to Think & Learn and is owed a debt of 30.43 mln rupees. Voyager said it is directly affected by the insolvency proceedings against Think & Learn and by the outcome of the case pending before the Supreme Court.
The Supreme Court will hear the cases on Friday.
On Aug 2, the National Company Law Appellate Tribunal had set aside an order passed by the Bengaluru bench in July to start insolvency proceedings against Think & Learn on an application from the Board of Control for Cricket in India. The appellate tribunal passed the order after it was informed that the parties had arrived at a settlement. However, GLAS Trust Co LLC contested the payment by the debt-ridden company and moved the apex court. On Aug 14, the apex court stayed the appellate tribunal's order approving a settlement between Think & Learn and the cricket board, and issued notices to Think & Learn, co-founder Byju Raveendran, and the board. End
Reported by Surya Tripathi
Edited by Rajeev Pai
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