The National Company Law Tribunal (NCLT) Bengaluru bench has directed the resolution professional of BYJU’S parent company Think and Learn Pvt Ltd (TLPL) and the successful bidder Comprint Tech Solutions (India) to maintain status quo on assets auctioned for ₹16 crore. The order, issued on August 31, comes amid a dispute over ownership of the assets, which were sold at a fraction of their estimated worth, according to inc42.com.
The resolution professional (RP) of BYJU’S group entity BYJU’S K3 Education claimed that goods worth around ₹150 crore were auctioned for approximately ₹16 crore. K3’s RP argued it held a substantial stake in the assets and that further disposal could leave the company asset-less during its corporate insolvency resolution process (CIRP). However, TLPL’s RP disputed K3’s ownership claim, stating K3 was only a service provider, while TLPL had procured and supplied the hardware and owned the content on the devices. The NCLT impleaded Comprint Tech Solutions and directed it to disclose the inventory and location of the purchased assets, inc42.com reported.
The tribunal noted that neither party had produced sufficient documentary evidence to conclusively establish ownership of the assets. It observed that while some auctioned items might belong to TLPL, ownership of the rest remained unclear. The NCLT emphasized the need to preserve the assets until concrete evidence is presented, stating that maintaining the status quo would not cause irretrievable prejudice to any party. This ruling highlights the complexities in asset ownership disputes during insolvency proceedings in India’s edtech sector, inc42.com stated.
The NCLT’s order on August 31 requires both parties to maintain the current state of the assets and for Comprint Tech Solutions to provide full disclosure of the auctioned goods’ inventory and location. This directive ensures the assets remain intact during the ongoing resolution process, safeguarding interests amid the ₹150 crore valuation dispute.