NCLT stays disposal of Byju's K3-linked assets: ‘Articles worth ₹150 crore auctioned for about ₹16 crore’

The National Company Law Tribunal (NCLT) ordered a status quo on the assets sold by the resolution professional of Think and Learn Private Limited, the parent entity of debt-ridden edutech firm Byju's, in one of its subsidiaries.

According to PTI, the Bengaluru-based bench of the NCLT put a hold on any further disposal of Byju's K3 Education's assets till the next hearing on September 21.

The decision came amid allegations that assets worth around ₹150 crore were sold for just about ₹16 crore.

"Shailendra Ajmera, RP of TLPL (Think and Learn Private Limited) and the said newly impleaded Respondent are directed to maintain status quo in respect of the articles/equipment/assets auctioned under notice dated August 2, 2026, issued by the former, till next date," said a two-member bench, according to PTI.

What's the case?

The insolvency tribunal NCLT's order came earlier this week over a plea moved by the resolution professional (RP) of Byju's K3 Education, which is also facing insolvency proceedings, and Kritikal Solutions, seeking protection of the assets pending verification of ownership and auction proceeds.

They had contended that even the RP of TLPL has not produced any documentary evidence of the articles auctioned, to claim ownership.

Moreover, the bidder, Comprint Tech Solutions, to whom the assets were sold, has its registered address in an under-construction building which was found locked on repeat visits.

At least 15 vehicles loaded with the assets had already left the warehouse for Mumbai in the preceding days, they said.

Moreover, the suspended directors of Byju's supported the plea and said that there was no need to hurry to auction the articles in the way it has all been processed.

They submitted that CIRP (Corporate Insolvency Resolution Process) is being conducted for revival of TLPL and does not call for auction of its assets and that too for meagre value.

The tribunal noted that the current status of the auctioned assets was "not known", and held that a stay on any further alienation was warranted at this stage.

"It is not going to irretrievably prejudice anybody, including the successful bidder," it said, adding that the status quo would hold "at least until some concrete evidence comes up".

The NCLT allowed an application to implead Comprint Tech Solutions as a party to the proceedings and directed it to file, within a week, a sworn inventory of the assets it had purchased, along with their storage location and supporting photographs.

The RP of TLPL was also directed to comply within a week with an earlier order of August 20 requiring it to furnish transaction-related details.

(With inputs from PTI)