The Bengaluru bench of the National Company Law Tribunal has directed the resolution professional of Think and Learn Pvt Ltd and auction bidder Comprint Tech Solutions to maintain the status quo on disputed electronic assets. The interim order follows claims that goods worth around Rs 150 crore were auctioned for approximately Rs 16 crore. The tribunal has not cancelled the sale or decided final ownership, but it has sought further evidence and inventory details before the next hearing.
Conflicting Ownership Claims Over Warehouse Assets
The dispute arises from separate insolvency proceedings involving Think and Learn, which operated the Byju's edtech platform, and Byju's K3 Education. Think and Learn entered insolvency in July 2024 after the Board of Control for Cricket in India filed a petition over unpaid sponsorship dues of about Rs 159 crore. K3 Education is facing a separate insolvency process initiated by operational creditor Kritikal Solutions.
Tribunal Orders Status Quo and Asset Preservation
The tribunal observed that the ownership of the auctioned articles had not been conclusively established and that preserving them was necessary. It noted that maintaining the current position would not cause irretrievable prejudice to any party, including the successful bidder. Further movement or disposal could create a situation that could not later be reversed, the bench said.
Valuation Gap and Competing Arguments
The resolution professional of K3 alleged that goods identified as belonging to K3 were later moved to an IndoSpace warehouse and access for inspection was repeatedly denied. Some consignments are said to contain specialised tablets with educational content for children up to Class III. Think and Learn's resolution professional disputed the claim and argued that K3 was only a service provider.
Auction and Successful Bidder
Think and Learn's resolution professional maintained that the hardware was procured and supplied by the parent company and that content on the devices also belonged to it. The assets were auctioned on August 14, and Comprint Tech Solutions emerged as the successful bidder. The K3 resolution professional opposed further disposal, arguing that dissipation of the assets could harm its own insolvency resolution process.
Comprint Directed to Submit Inventory Details
Comprint has been made a party to the proceedings and must provide a detailed inventory of the purchased assets, photographs, and the complete storage address within one week of receiving notice. Think and Learn's resolution professional has also been told to comply with an earlier order seeking item-wise details, valuation, auction method, and sale proceeds information. The interim arrangement is designed to preserve the assets until concrete evidence can be examined.
Procedural Context and Next Hearing
The matter relates to tablets, electronic devices, and other equipment stored in a warehouse containing goods associated with Think and Learn, K3 Education, and Aakash. The tribunal has not accepted either side's ownership claims at this stage and has described the position of the remaining goods as unclear. The proceedings followed a Karnataka High Court order allowing the applicant to seek protection, and the next hearing is scheduled for September 21.
The status quo order is an interim measure that prevents further movement or disposal while the dispute over ownership is examined. It allows both insolvency proceedings to continue without permanently prejudicing Think and Learn, Byju's K3 Education, or Comprint Tech Solutions. The tribunal has made clear that the auction remains valid for now and that final ownership will be determined only after evidence is produced.