NCLT Orders Status Quo on BYJU'S Assets Sold for ₹16 Cr

India's National Company Law Tribunal (NCLT) has ordered the resolution professional (RP) of BYJU's parent company, Think and Learn Pvt Ltd (TLPL), and successful bidder Comprint Tech Solutions to maintain the status quo on assets auctioned for approximately ₹16 crore. The directive stems from a dispute over the ownership of these assets.

The NCLT's Bengaluru bench also ordered Comprint to disclose the inventory and location of the purchased assets. This action followed a claim by the RP of another BYJU's entity, BYJU'S K3 Education, asserting that goods worth around ₹150 crore were sold for only about ₹16 crore.

BYJU'S K3 Education's RP contended that the entity held a substantial stake in the assets, and their further disposal could leave the company without means to continue its corporate insolvency resolution process (CIRP). TLPL's RP disputed this claim, arguing that K3 was merely a service provider and that TLPL had procured the hardware and owned the content on the devices.

The Tribunal noted that neither party had provided sufficient documentary evidence to conclusively establish ownership. NCLT stated that maintaining the status quo would not cause irreparable prejudice to any party, including the bidder. Comprint has been instructed to submit a detailed inventory, photographs, and storage location of the assets within a week.

The dispute arises from separate insolvency proceedings against TLPL and BYJU'S K3 Education. TLPL, which operated the BYJU'S edtech platform, was admitted to insolvency in July 2024. K3 Education faces a separate insolvency process. The disputed assets include tablets and electronic equipment. The matter is scheduled for further hearing on September 21.