Voizzit Technology Pvt Ltd Vs Director, Central Bureau of Investigation (Kerala High Court)
The Kerala High Court dismissed a writ petition filed by two private limited companies seeking directions for investigation by the Central Bureau of Investigation (CBI), Enforcement Directorate (ED), and National Investigation Agency (NIA) into alleged irregularities in the corporate insolvency resolution process (CIRP) of Think and Learn Private Limited (BYJU’S Group). The petitioners sought investigation into alleged malpractice by the Interim Resolution Professional and other respondents, claiming violations involving foreign entities, diversion of assets, manipulation of insolvency proceedings, and issues relating to intellectual property and digital infrastructure.
The petitioners stated that they had acquired rights in Epic Creations Inc. and Tangible Play Inc. through a loan assignment and conversion process, obtained share certificates evidencing 100% ownership, and that a Dubai Court had acknowledged their ownership. They also referred to a commercial suit pending before the Commercial Court, Ernakulam, and alleged that the CIRP violated the Foreign Exchange Management Act, 1999 and allied laws. According to the petitioners, complaints had already been filed before the ED and CBI alleging FEMA violations, cross-border fraud, criminal conspiracy, and abuse of the insolvency process. They further sought transfer of an FIR registered at High Grounds Police Station, Bengaluru, to the CBI.
