The National Company Law Tribunal (NCLT) has ordered the status quo to be maintained regarding assets sold by Byju's parent company, Think and Learn, amid allegations that assets valued at 1.5 billion rupees were sold for only 160 million rupees.
The NCLT bench in Bengaluru imposed a moratorium on the further disposal of Byju's K3 Education assets until the next hearing scheduled for September 21. This decision came against claims that assets valued at approximately 150 crore rupees were sold for only about 16 crore rupees.
The two-member tribunal directed the Resolution Professional (RP) of TLPL (Think and Learn Private Limited) and the new respondent to maintain the status quo concerning equipment and assets put up for auction according to the notification dated August 2, 2026, until the next date.
The NCLT order was issued this week following applications from the Resolution Professional (RP) of Byju's K3 Education, which is also undergoing bankruptcy proceedings, as well as the company Kritikal Solutions. They demanded protection of the assets until the verification of ownership rights and receipt of funds from the auction were completed.
These parties argued that even the RP of TLPL had not provided any documentary evidence of the auctioned items to confirm ownership. Furthermore, it was noted that the buyer, Comprint Tech Solutions, has a registered address in a building under construction that was found closed upon repeated visits. It was reported that no fewer than 15 vehicles loaded with these assets had left the warehouse over several days, heading to Mumbai.
The NCLT noted in its order that since assets worth approximately 150 crore rupees were sold for about 16 crore rupees, the buyer might attempt to dispose of them to avoid litigation. The directors of Byju's, whose powers were suspended, supported this petition, stating that there was no need to rush the auction of the items as it was arranged.
They presented the argument that the Corporate Insolvency Resolution Process (CIRP) is currently underway for the revival of TLPL, and this does not necessitate the sale of its assets, especially for such a negligible amount. The Tribunal observed that the current state of the sold assets is 'unknown' and ruled that suspending any further alienation at this stage is justified.
The Tribunal added that this 'will not cause irreparable harm to anyone, including the successful buyer,' and stipulated that the status quo would remain in effect 'at least until specific evidence emerges.' NCLT allowed the application to include Comprint Tech Solutions as a party to the proceedings and directed it to provide a certified list of acquired assets, along with their storage location and supporting photographs, within one week.
The RP of TLPL was also instructed to comply with the previous requirement from August 20, obligating him to provide details related to the transactions, within one week.