Kerala High Court has tossed out Voizzit Technology Private Limited's appeal,which aimed to dig into alleged irregularities during Think and Learn Private Ltd.'s insolvency proceedings. Better known as Byju’s,the company is locked in a legal battle with Voizzit over asset ownership after a $100 million loan default.
The appeal went against Justice G. Gireesh's earlier decision not to order investigations by CBI,Directorate of Enforcement (ED), and National Investigation Agency (NIA). Voizzit accused the Interim Resolution Professional of serious misconduct, including foreign meddling and unauthorized control of digital infrastructure.
Single Bench noted two main reasons. First, Voizzit filed public interest case only to withdraw it later without asking permission for a new one. Second, a complaint was already lodged with High Grounds Police Station in Bengaluru, but Karnataka High Court put police investigation on hold. This made the legal scene even murkier.
Justices K. Natarajan and Johnson John of Division Bench backed Single Bench,saying they couldn't step into matters already in Karnataka High Court's hands. Voizzit had earlier sought CBI and ED intervention,citing Foreign Exchange Management Act, 1999 violations, cross-border fraud,and insolvency abuse.
Byju’s has grown big in ed-tech from 2018 to 2022,pulling in over $1.42 billion in overseas cash while mainly operating out of India. Now it faces bankruptcy proceedings under Insolvency and Bankruptcy Board of India. As legal battles drag on,the future of Byju’s hangs in balance…
