Mobile phone manufacturing giant Oppo told the National Company Law Tribunal (NCLT) on June 27 that embattled edtech giant Byju's owes it Rs 13 crore for preinstalling the latter's mobile app on phones manufactured by the company.
While adjourning the plea till July 3, the NCLT in Bengaluru said it would call the day 'Byju's day' as close to 10 petitions are coming up for hearing on that day.
Oppo sought urgent orders from the NCLT as it claimed that the company's promoters were 'absconding' and do not live in India anymore.
According to Oppo, Byju's entered into an agreement with them to preinstall the apps on phones they manufacture in order to reach a wider audience. However, Byju's did not pay the amount agreed upon.
Oppo contended that Byju's has admitted to owing money, and the mobile phone manufacturer has a straightforward case to refer the edtech company to the insolvency resolution process.
Senior advocate Pramod Nair took a strong objection to Oppo's lawyer using the word 'absconding' to refer to the promoters of Byju's. He sought an adjournment as all the other cases relating to Byju's are listed for hearing on July 3.
On June 26, the NCLT was informed that Byju's had settled a case with France-based Teleperformance Business Services, and the plea is likely to be withdrawn. However, on the same day, another business services provider, iEnergizer, filed a new insolvency plea. Hence, the number of insolvency pleas against Byju's continues to remain the same.
Byju's is currently struggling with finances after NCLT barred it from raising funds through a second rights issue. Byju’s has moved the Karnataka High Court challenging the order. However, no stay order has been passed in this case as yet.
On June 12, the NCLT in Bengaluru directed Byju's to maintain status quo with regard to existing shareholders and their shareholding.
The tribunal also directed Byju's to file the complete details of the concerned escrow accounts from the opening of the rights issue on January 29 till date from June 12 within 10 days.
Furthermore, Byju's must file the complete details of the allotment made on March 2 before the increase in the authorised share capital.
"This must include information such as the name of the shareholder, equity shares held on January 27, entitlement as per rights offer and equity shares allotted on March 23, and also equity shares allotted after the increase in authorised share capital," the order noted.
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