NCLT orders status quo on Byju K3 Education auction assets

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The insolvency tribunal NCLT has ordered a status quo on assets of Byju's subsidiary K3 Education that were sold in an auction by the resolution professional of Think and Learn Private Limited, Byju's parent entity.
The order came after allegations that assets worth around Rs 150 crore were sold for only about Rs 16 crore in a distress sale, with no documentary evidence of ownership produced.
The tribunal also flagged that the winning bidder, Comprint Tech Solutions, has a registered address in an under-construction, locked building, and that vehicles loaded with assets had already left for Mumbai.
The hold remains in place until the next hearing on September 21, and matters because it protects the assets from further disposal while ownership and auction proceeds are verified.

Comprint Tech Solutions must file a sworn inventory of purchased assets with storage locations and photographs within a week
The TLPL resolution professional must comply with the August 20 order to furnish transaction details within a week
The next NCLT hearing on September 21, when the status quo will be reviewed

1 report

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Named India · Byju's K3 Education · Think and Learn Private Limited · Comprint Tech Solutions · Kritikal Solutions · National Company Law Tribunal

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