Embattled edtech Byju’s has requested for 48 hours from the Bengaluru Bench of the National Company Law Tribunal (NCLT) to decide whether it should undertake not to pledge, sell or transfer its assets amid a dispute with investors.

“I don’t know what my client (Byju’s) wants to do but I will obtain instructions from them on whether such an undertaking can be given,” BYJU’S senior counsel KG Raghavan told the tribunal.

US-based lenders had approached the NCLT to start insolvency proceedings against Byju’s. The ad hoc group of lenders (the Ad Hoc Group), which lent $1.2 billion as term loans (term loans) to the firm, said GLAS Trust Company LLC (as administrative agent and collateral agent of the term loans) had filed a petition against Think & Learn (doing business as Byju’s) before the Bench.

On May 29, the US-based lenders of Byju’s urged the NCLT to restrain it from pledging, selling or transferring its shares.

Byju’s is now expected to inform NCLT about its decision to give the undertaking, and the case will be heard on July 9.

While, in a separate case, the tribunal reserved insolvency pleas filed by telemarketing company Surfer and mobile phone maker Oppo against Byju’s for judgment. Last week, Oppo had told NCLT that Byju’s has not paid them ₹13 crore for pre-installing their apps on their phones. Oppo had said that Byju’s had admitted to owing them money, and this was a clear case for admitting the edtech firm to insolvency to recover its dues.

Surfer contended that Byju’s owes them ₹2.3 crore and all of them are admitted debts. According to Surfer, they were generating leads for Byju’s and passing them on; these leads were overseen and then authorised by the ed-tech company.

While Byju’s argued that since the outstanding amount was not too big, there is a possibility of settlement.

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