1 day ago
NCLT Freezes Byju’s Goods Sold For Rs 16 Crore
A tribunal is looking into a sale involving goods worth Rs 16 crore.
The goods are connected to Byju’s.
The tribunal has temporarily frozen them, which means they cannot be moved or changed while the case is examined.
The buyer has also been brought into the legal proceedings.
Mr. Ajmera says the goods belonged to T&L.
He also says T&L’s Committee of Creditors approved the sale.
Another issue is whether Byju’s K3 had legal ownership of the goods.
The tribunal has not yet made a final decision on these questions.
The National Company Law Tribunal has frozen goods involved in a Rs 16 crore sale linked to Byju’s.
The tribunal has brought the buyer into the proceedings and ordered disclosure.
Mr. Ajmera says the goods belonged to T&L, not Byju’s K3.
Ajmera maintains that T&L’s Committee of Creditors approved the sale.
The tribunal has not yet decided the ownership, approval, or title disputes.
- Who
- The National Company Law Tribunal, Byju’s K3, the buyer, T&L, and Mr. Ajmera are involved.
- What
- The tribunal froze goods sold for Rs 16 crore, brought the buyer into the proceedings, and sought disclosure.
- Where
- The matter is before the National Company Law Tribunal.
- When
- The timing is not specified in the provided article.
- Why
- The tribunal said the allegations were serious enough to prevent the situation from changing while ownership, approval, and title issues are examined.
Ajmera and T&L’s Position
Byju’s K3’s Claimed Position
Ownership of the goods
Ajmera and T&L’s Position
Mr. Ajmera maintains that the goods belonged to T&L.
Byju’s K3’s Claimed Position
The article says Byju’s K3 has not established title; its definitive ownership position is not otherwise stated.
Approval of the sale
Ajmera and T&L’s Position
Ajmera says the sale was approved by T&L’s Committee of Creditors.
Byju’s K3’s Claimed Position
The tribunal has not yet ruled on whether that approval settles the dispute.
Tribunal’s interim response
Ajmera and T&L’s Position
The tribunal froze the goods and sought disclosure because the allegations were considered serious.
Byju’s K3’s Claimed Position
The tribunal has not made a final determination on the ownership, sale approval, or title questions.
Key facts
- Tribunal action
- Goods involved in the sale were frozen.
- Sale value
- Rs 16 crore.
- Buyer
- The buyer was brought into the proceedings.
- Disclosure
- The tribunal demanded disclosure.
- Ajmera’s position
- The goods belonged to T&L and its Committee of Creditors approved the sale.
- Unresolved issue
- The tribunal has not decided whether Byju’s K3 established title to the goods.
Sources
Related news
NCLT Stays Sale of Byju's Subsidiary Assets Amid Valuation Dispute
Court admits Qatar Holding plea to enforce Byju's arbitration award
NCLT halts Subhash Chandra asset sale amid lender challenge
NCLT Stays Subhash Chandra’s Repayment Plan, Bars Asset Sales
NCLT Stays Subhash Chandra Repayment Plan, Orders Fresh Hearing
Naresh Goyal Seeks Discharge as CBI Chargesheet Remains Pending
NCLT Admits Central Bank Insolvency Plea Against Rama Agro
How Personal Guarantees Work Under India’s Insolvency Code
