The National Company Law Tribunal (NCLT) in Bengaluru issued notice in an insolvency plea filed by mobile phone manufacturer Oppo against embattled ed-tech company Byju’s. The plea is now likely to come up for hearing again in the last week of May, as the tribunal will go on a summer break from May 3.

OPPO Mobiles filed a petition on May 1 in the Bengaluru bench of the National Company Law Tribunal (NCLT), seeking initiation of insolvency proceedings against troubled edtech major Byju’s.

OPPO’s petition, filed under Section 9 of the Insolvency and Bankruptcy Code (IBC), was accepted by the tribunal. 

OPPO is the latest in the growing list of entities, who dragged Byju’s to the NCLT, including the Board of Control for Cricket in India (BCCI), foreign Term Loan B lenders, France-based vendor Teleperformance Business Services, and IT service provider Surfer Technologies.

A group of unhappy investors, including Prosus, General Atlantic, Sofina and Peak XV — along with support from other shareholders, including Tiger Global and Owl Ventures, has also filed an oppression and mismanagement suit against the company.

The group has also opposed a recently concluded rights issue. In an interim order, the NCLT had directed the funds received by the company from the rights issue be kept in a separate escrow account and not withdrawn till the disposal of the matter. The next hearing on this matter is listed for June 6.