The NCLT has directed the resolution professional (RP) of BYJU’S parent Think and Learn Pvt Ltd (TLPL) and successful bidder Comprint Tech Solutions (India) to maintain status quo on assets auctioned by the former amid a dispute over their ownership.
The Bengaluru bench also impleaded Comprint in the matter and directed it to disclose the inventory and location of the purchased assets, according to an August 31 order reviewed by Inc42.
The directions came after the RP of another BYJU’S group entity, BYJU’S K3 Education, claimed that goods worth around ₹150 Cr were auctioned for about ₹16 Cr.
The RP of K3 contended that it had a substantial stake in the assets and that their further disposal could leave the company without assets to continue its corporate insolvency resolution process (CIRP).
TLPL’s RP, however, disputed K3’s ownership claim. He argued that K3 was only a service provider and that TLPL had procured and supplied the hardware. He also claimed that the content on the devices belonged to TLPL.
The Tribunal observed that neither side had, at this stage, produced sufficient documentary evidence to conclusively establish ownership of the assets.
“Even if part of the auctioned articles actually belonged to TLPL, the ownership of (the) rest of the articles remains in haze,” the NCLT said.
The bench added that the assets need to be preserved until concrete evidence is produced. It said maintaining status quo would not cause irretrievable prejudice to any party, including the successful bidder, whereas any further change in the position of the assets could not subsequently be undone.
Comprint has been directed to submit a detailed inventory of the purchased assets, photographs, and the complete address where they are being stored within a week of receiving notice.
The NCLT also directed TLPL’s RP to comply within a week with its August 20 order seeking details related to the assets, their valuation, and the auction process.
The development was first reported by Bar and Bench.
The dispute stems from separate insolvency proceedings against TLPL and BYJU’S K3 Education, which are being handled by different RPs.
TLPL, which operated the BYJU’S edtech platform, was admitted to insolvency proceedings in July 2024 after the Board of Control for Cricket in India (BCCI) approached the tribunal over unpaid sponsorship dues of around ₹159 Cr.
K3 Education is facing a separate insolvency process following a Section 9 petition filed by operational creditor Kritikal Solutions.
At the centre of the dispute are tablets, electronic equipment and other goods stored at a warehouse containing assets linked to TLPL, K3 Education and Aakash.
K3’s RP claimed that logistics company Criticalog had identified some of the goods as belonging to K3 in a December 2024 communication. According to the RP, the assets were later handed over to TLPL’s security team and moved to an IndoSpace warehouse.
The K3 RP also alleged that repeated requests to inspect the warehouse and identify its assets were denied. Some boxes allegedly contained specialised tablets carrying educational content for children up to Class III.
TLPL’s RP disputed K3’s ownership claim, saying TLPL had procured the hardware and owned its content. TLPL auctioned the assets on August 14, with Comprint Tech Solutions emerging as the successful bidder.
K3’s RP then approached the NCLT to stop the auction. On August 20, the tribunal sought details of the assets, their valuation and the auction process.
By August 31, TLPL’s RP said the assets had been handed over to Comprint, while K3’s RP claimed 15 vehicles carrying the assets had left for Mumbai.
The NCLT has not cancelled the auction or made a final determination on the ownership of the disputed assets. The matter will next be heard on September 21.
This comes a day after it was reported that Byju Raveendran has proposed giving up his claimed beneficial interest in 17.89 Mn shares of Aakash Educational Services to settle Qatar Holding’s arbitration claim of more than $235 Mn.
Source: Inc42
