Byjus on Wednesday informed the National Company Law Tribunal that it has reached a settlement with France’s Teleperformance Business Services, one of the operational creditors of the beleaguered edtech firm.
Following this, Teleperformance has withdrawn its insolvency petition filed against Byju’s, a counsel aware of the matter said on condition of anonymity.
A bench led by Justice K. Biswal was hearing a section 9 petition under the Insolvency and Bankruptcy Code, 2016, filed by the creditor against Byjus for defaulting on repayment of dues worth 5 crore.
Earlier in April, Teleperformance cited a business agreement that was the basis of the dispute between the two. It was stated that Byjus started defaulting on the payments fro…
Read the full article at: https://www.livemint.com/companies/byjus-settles-insolvency-dispute-over-5-cr-dues-with-frances-teleperformance-11719413105902.html