Gurugram-based Surfer Technologies told the Bengaluru bench of the National Company Law Tribunal (NCLT) on Wednesday that it has reached an amicable settlement with Byju’s and hinted that it would withdraw its insolvency application against the edtech firm.
On Monday, the NCLT had asked both parties to file a formal application with the tribunal since the order pertaining to the insolvency had been reserved a couple of weeks earlier.
On 7 February, Surfer Technologies had filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, which allows an operational creditor to initiate insolvency proceedings against a company over a default. Its counsel told the tribunal that the edtech firm more than ₹2 crore of debt and that it had issued a notice to the company on 8 December 2023, before filing the insolvency application.
“We were the digital marketing vendors. We would send them leads and only after they confirm a lead, we would raise an invoice. They remained unpaid to date,” the counsel said in an earlier hearing.
On 24 April the NCLT had fined Byju’s ₹20,000 for the delay in replying to Surfer Technologies’ petition. “Response will be considered only if you deposit the cost,” said a bench led by Justices K Biswal and Manoj Kumar Dubey. The bench has posted the matter for further hearing on 1 May.
Another settlement
On 26 June, Byju’s told the NCLT it had reached a settlement with another operational creditor, France’s Teleperformance Business Services, to which it owed ₹5 crore. The company had accused Byju’s of defaulting on payments from 14 April 2023 but withdrew the insolvency plea after the settlement.
The NCLT bench is also hearing an oppression and mis-management case against Byju’s, filed by investors General Atlantic and MIH Edtech. This matter, however, was posted for further hearing on 24 July.
