The Supreme Court on Thursday reserved its verdict on a plea of a US firm against the NCLAT order stopping insolvency proceedings against edtech firm BYJU’S . A bench headed by Chief Justice D Y Chandrachud asked the insolvency resolution professional (IRP) to maintain status quo till the apex court delivers its judgement … Read more
Byju’s, India’s most valued start-up worth an estimated USD 22 billion, will face insolvency procedures after failing to pay ₹ 158.9 crore to cricket board BCCI. On Tuesday, the Bengaluru bench of the National Company Law Tribunal (NCLT) approved bankruptcy proceedings against the corporation and appointed an interim resolution specialist, suspending the company’s board of … Read more
Byju’s, India’s most successful edtech business, is facing financial difficulties as its US entity has filed for bankruptcy. Shareholders with around 30% ownership in the corporation seek changes to the management structure and may approach the National Corporation Law Tribunal (NCLT). Byju’s is struggling to pay its employees’ salaries and is utilizing layoffs to reduce … Read more
Byju’s has missed another deadline. According to a Moneycontrol investigation, for full-and-settlements of employees laid off by the edtech business. The corporation has already pushed out the last payment day from September to November. According to the report, Byju’s contacted 60 employees who had been fired. Of the 48 people who answered, 40 indicated they … Read more
The Chaudhry family, the founders of Aakash Educational Services Limited (AESL), has reportedly informed BYJU’s that the merger and backup arrangement involving a share swap will be terminated. The Chaudhrys will not exchange their remaining 18% interest in Aakash for ownership in the edtech behemoth, according to The Morning Context. At the same time, Blackstone, … Read more
According to a report, the Indian startup’s brick-and-mortar test preparation subsidiary, Aakash Institute, and Davidson Kempner Capital, a US-based fund manager that manages more than $38 billion, are discussing how to resolve their thorny issues over the breach of a loan agreement. Byju’s is prepared to refund any funds it has obtained so far from … Read more
Lenders to the prominent Indian tech startup, Byju’s, have been accused of fabricating default claims as part of a scheme to take control of the company. The distressed-debt lenders are allegedly employing aggressive tactics to leverage negotiations for restructuring a $1.2 billion loan, causing complications for Byju’s executives. The ongoing dispute has led to legal … Read more