The National Company Law Tribunal (NCLT) Bengaluru bench has given struggling edtech company Byju's an extra week to work out a settlement with Teleperformance Business Services.
Teleperformance Business Services, an operating creditor located in France, filed for bankruptcy against Byju's after the edtech company was unable to pay dues of Rs 5 crore.
Byju's attorney asked the tribunal for more time during the hearing so that they could work out a deal with the French seller.
Byju's has offered a structured payment plan, acknowledging the default and proposing an initial payment of Rs 1.5 crore, followed by further payments of Rs 2 crore and Rs 2.2 crore.
Teleperformance notified the tribunal that, as of April 14, 2023, Byju's had been in arrears on its payments. The outstanding balance is Rs 5.3 crore, which includes interest at the original agreement's 18% annual rate.
Under the terms of the agreement, Teleperformance offers Byju's call center-related business process outsourcing services.
Byju's received a demand notice from Teleperformance in October 2023, which was delivered to the directors and registered offices of the business. Byju's did not refute the assertions, nevertheless.
Teleperformance has challenged Byju's allegation that he paid an initial payment of 1.5 crore. To give the parties time to complete their settlement, the NCLT has set a final hearing for April 30.
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