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Byju Raveendran alleges collusion between EY India, Glas Trust and insolvency resolution professional

Economic Times

Economic Times · 4m ago

Byju Raveendran alleges collusion between EY India, Glas Trust and insolvency resolution professional

Byju Raveendran, founder of Byju's, addressed the company's struggles and legal issues in a LinkedIn note. He criticized Glas Trust, US lenders' trustee, for negatively impacting Byju's instead of aiding it. Raveendran mentioned evidence of collusion involving EY India and expressed commitment to resolving these issues. Despite financial setbacks, he shared his dedication to the company and reassured employees of a comeback. Byju's parent company is undergoing changes in its resolution professional.

Related News

Byju's legal battles: US court ruling, new RP and whistleblower claims

Economic Times

Economic Times · 4m ago

Byju's legal battles: US court ruling, new RP and whistleblower claims

Byju’s is facing legal challenges after the US Bankruptcy Court in Delaware found that founder Byju Raveendran and others defrauded its US entity and lenders. Allegations include fund misappropriation and breach of duties. In India, Glas Trust is pursuing legal action against Byju's in the NCLT. Raveendran has accused Glas Trust, EY, and a former resolution professional of collusion, demanding an investigation. A new resolution professional has been appointed amid ongoing disputes.

Byju’s founder files FIR against former resolution professional, EY, Glas Trust

Economic Times

Economic Times · 3m ago

Byju’s founder files FIR against former resolution professional, EY, Glas Trust

Byju Raveendran, founder of edtech company Byju's, has filed a police complaint against Pankaj Srivastava, former resolution professional of Think & Learn, Glas Trust, and EY employees, alleging a criminal conspiracy against the company. The allegations involve collusion and fraud related to Byju’s insolvency proceedings. The case is under review by NCLT and NCLAT. Byju's, amid insolvency proceedings, faces legal challenges following disputed resolutions and sponsorship deal settlements with BCCI.

US lenders’ representative Glas Trust rejects Byju Raveendran’s allegations of fraud, collusion

Economic Times

Economic Times · 3m ago

US lenders’ representative Glas Trust rejects Byju Raveendran’s allegations of fraud, collusion

Glas Trust, representing US entities that lent $1.2 billion to Byju's, denied allegations of collusion and fraud by founder Byju Raveendran, labeling them baseless. Byju’s alleged misconduct has led to insolvency proceedings. A whistleblower flagged potential fraud involving ex-resolution professional Pankaj Srivastava and EY. Following a ruling, the consortium has sued Byju’s executives for misappropriating funds. The issue is under review by the National Company Law Tribunal (NCLT).

Is Byju's Making a Comeback? Raveendran’s Vow Sparks Debate

OutlookIndia

OutlookIndia · 3m ago

Is Byju's Making a Comeback? Raveendran’s Vow Sparks Debate

Byju's, once a prominent star in India's startup scene, faces financial challenges and legal disputes over $1 billion in unpaid debts in the US and India. Founder Byju Raveendran vows to revive the company, promising to rehire former employees. Despite accusations of exploiting education and financial misconduct, Raveendran expresses optimism about a comeback. He alleges collusion between lenders and an interim resolution professional, urging investigations to uncover the truth behind the company's distress.

Byju’s insolvency proceedings: Glas Trust dropped from committee of creditors

Economic Times

Economic Times · 10m ago

Byju’s insolvency proceedings: Glas Trust dropped from committee of creditors

Glas Trust Co LLC, the trustee for lenders owed $1.2 billion from Byju’s, has been removed from the committee of creditors by the insolvency resolution professional. The decision was made because Glas Trust does not represent the minimum 51% of lenders required to be part of the CoC. The US lenders have also moved to seek the removal of the insolvency resolution professional. Byju’s had disqualified most of the lenders represented by Glas Trust, citing its right to exclude predatory lenders. The Supreme Court is also hearing an appeal by Glas Trust opposing a settlement deal with BCCI.

EY-backed RP sues Byju’s Dubai-based marketing agent for Rs 1,597 crore - The Economic Times

Economic Times

Economic Times · 2d ago

EY-backed RP sues Byju’s Dubai-based marketing agent for Rs 1,597 crore - The Economic Times

Think and Learn, facing insolvency, has sued Dubai-based More Ideas General Trading for Rs 1,597 crore over alleged unpaid dues. Byju Raveendran and other former directors are also implicated. Byju's founders dispute these claims, arguing the resolution professional is deflecting from their own challenges to the insolvency proceedings and GLAS Trust's authority. The dispute involves marketing rights for Byju's products in several Middle Eastern countries under a revenue-sharing arrangement.

Byju Raveendran files caveat before Supreme Court against creditor Glas Trust Company

Economic Times

Economic Times · 11m ago

Byju Raveendran files caveat before Supreme Court against creditor Glas Trust Company

Byju Raveendran has filed a caveat before the Supreme Court against US-based creditor Glas Trust Company LLC, following the NCLAT's order to restore the board of edtech major Byju's and set aside insolvency proceedings against it. Glas Trust has opposed a dues settlement with the Board of Control for Cricket in India, alleging tainted money and round-tripping. Byju Raveendran filed the caveat to be heard before any Supreme Court order on the matter. The NCLAT approved the dues settlement and dismissed the 'round-tripping' allegations. Byju's has faced financial troubles and a drop in valuation recently.

Byju Raveendran challenges NCLT ruling on creditor panel reconstitution, RP appointment

Economic Times

Economic Times · 3m ago

Byju Raveendran challenges NCLT ruling on creditor panel reconstitution, RP appointment

Byju Raveendran, CEO of Byju's, is challenging a National Company Law Tribunal ruling that included creditors Glas Trust and Aditya Birla Finance in the committee for Think & Learn, against the reconstitution done by interim resolution professional Pankaj Srivastava. Raveendran argues the decision is flawed as it selectively accepts and ignores developments. Concerns also arise over Aditya Birla's creditor status and Srivastava's misleading conduct, prompting appeals and questions of fraud in the process.

Byju Raveendran moves Karnataka HC against insolvency order, withdraws it to pursue NCLAT appeal

Money Control

Money Control · 11m ago

Byju Raveendran moves Karnataka HC against insolvency order, withdraws it to pursue NCLAT appeal

Byju Raveendran has moved the Karnataka High Court to challenge the order that admitted Byju's parent company, Think and Learn, to insolvency. However, he later withdrew the plea after the court refused to entertain it. Raveendran will now pursue a regular appeal before the National Company Law Appellate Tribunal (NCLAT). The NCLT admitted Think and Learn to the insolvency resolution process based on a plea by the Board of Control for Cricket in India (BCCI) over the non-payment of Rs 158 crore. Founder Byju Raveendran has lost immediate control of the company, with an interim resolution professional appointed to run its operations.

Supreme Court halts creditors meeting in Byju’s insolvency case

Livemint

Livemint · 9m ago

Supreme Court halts creditors meeting in Byju’s insolvency case

The Supreme Court has instructed Byju's resolution professional not to conduct meetings of the committee of creditors until the court issues its final judgement. This decision will delay the bankruptcy resolution proceedings for the edtech firm. Glas Trust Inc., a creditor, filed an application against the resolution professional for removing the US lender from the committee of creditors. Glas Trust is also seeking the removal of the insolvency expert. Byju's owes more than ₹15,000 crores to its financial and operational creditors. Senior counsel Kapil Sibal argued that there was "gross misconduct" by the resolution professional in removing the US creditor from the committee.

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