The tribunal was hearing a petition by Teleperformance, the Indian unit of a French multinational company.
The plea was filed through King Stubb & Kasiva law firm.
The petition sought to initiate insolvency proceedings against Byju’s for recovering an amount of approximately ₹5 crores which Byju’s purportedly defaulted.
Teleperformance stated that the parties had entered into a service agreement on April 16, 2022.
There were 21 invoices raised between March 14 to end of August 2023 which had not been paid by Byju’s, it was claimed.
Byju’s raised no dispute in this regard and admitted to have defaulted in payments. It agreed to pay the required amount in several tranches – first tranche of ₹1.5 crore, second tranche of ₹2 crores and ₹2.2 crore as the final tranche of payment.
The edtech firm also claimed that a part payment of ₹1.5 crore was already made, which Teleperformance disputed.
Source: Barandbench
