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Byju's committee of creditors votes to appoint new resolution professional
Economic Times
·
6m ago
Medial
Byju's parent Think & Learn's committee of creditors (CoC) decided to replace the resolution professional (RP), appointing Shailendra Ajmera as the new RP. Glas Trust, representing Byju’s US lenders, informed the National Company Law Tribunal (NCLT) about the change after issues were found with former RP, Pankaj Srivastava. Concerns about Srivastava's conduct were raised, leading to the decision. NCLT previously inducted Glas Trust and Aditya Birla Finance into the CoC.
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Supreme Court halts creditors meeting in Byju’s insolvency case
Livemint
·
11m ago
Medial
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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BYJU’S insolvency saga: Shailendra Ajmera appointed new IRP
Inshorts
·
6m ago
Medial
The Bengaluru bench of the National Company Law Tribunal (NCLT) has appointed Shailendra Ajmera as the new insolvency resolution professional (IRP) of troubled edtech startup BYJU'S. The order also noted that the members of BYJU's committee of creditors, passed a resolution to replace the outgoing IRP Srivastava with Ajmera. 99.82% of the members voted in favour of Ajmera.
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NCLT approves Shailendra Ajmera as new resolution professional of Byju’s parent firm
Economic Times
·
6m ago
Medial
The National Company Law Tribunal (NCLT) approved the appointment of Shailendra Ajmera as the new resolution professional for Think & Learn, the parent company of Byju's. This decision follows the company's creditors' committee resolution to replace Pankaj Srivastava amid allegations of lapses in his conduct. Additionally, the NCLT reinstated Glas Trust and Aditya Birla Finance to the creditors’ committee and will address the Board of Control for Cricket in India’s withdrawal application from insolvency proceedings.
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Now, Glas Trust Drags BYJU’S Resolution Professional To Supreme Court
Inc42
·
11m ago
Medial
Glas Trust has challenged its removal from BYJU'S committee of creditors and is seeking the removal of resolution professional Pankaj Srivastava. Aditya Birla Finance also moved the NCLT against Srivastava, accusing him of fraud.
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NCLT Reserves Order on Byju’s Creditors' Appeal, BCCI Petition to Withdraw Insolvency
OutlookIndia
·
7m ago
Medial
The National Company Law Tribunal (NCLT) has reserved its order on appeals filed by creditors Glas Trust and Aditya Birla Finance against Byju's. The creditors are appealing for their inclusion in Byju's Committee of Creditors (CoC), which had been reconstituted by the insolvency resolution professional, Pankaj Srivastava. Additionally, the Board of Control for Cricket in India (BCCI) has filed a petition to withdraw its insolvency plea against Byju's.
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BYJU’S Insolvency: EY Quits As Advisor To IRP Pankaj Srivastava
Inc42
·
11m ago
Medial
EY Restructuring has resigned as the advisor to the IRP (Interim Resolution Professional) during the first meeting of the CoC (Committee of Creditors). This development comes as multiple creditors of BYJU'S have taken IRP Pankaj Srivastava to court. A consortium of US-based lenders of BYJU'S, known as Glas Trust, has recently filed a petition with the Supreme Court challenging Srivastava's decision to remove it from the CoC.
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Why Byju's creditors have dragged the RP to courts
Livemint
·
11m ago
Medial
Aditya Birla Finance and Glas Trust have accused the resolution professional (RP) of Byju's, Pankaj Srivastava, of wrongful practices in the bankruptcy process. Glas Trust is seeking reinstatement in the committee of creditors (CoC) and has taken the matter to the Supreme Court. Aditya Birla Finance has filed a plea in the National Company Law Tribunal (NCLT) against Srivastava over the alleged misclassification of the lender as an operational creditor. The rift between the creditors and the RP could impact the resolution process of Byju's. The Supreme Court's decision will provide clarity on the matter.
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ETtech Explainer: Edtech company Byju’s legal woes take new turn
Economic Times
·
6m ago
Medial
Byju's parent company, Think & Learn, struggled to exit insolvency proceedings as the Board of Control for Cricket in India (BCCI) sought to withdraw its case. The National Company Law Tribunal directed the company's insolvency resolution professional to submit BCCI's withdrawal request to the creditors' committee for approval. Disputes over unpaid dues led to the proceedings, and creditor opposition complicated resolution efforts. The committee now holds the authority to decide on the withdrawal.
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NCLAT adjourns Byju’s case hearing to November 6
Economic Times
·
11m ago
Medial
- Case involving Byju's and US lenders adjourned to November 6 by NCLAT. - US lenders demand repayment of $1.2 billion loan from Byju's. - Supreme Court temporarily halts all meetings regarding Byju's insolvency proceedings. - Glas Trust moves apex court challenging its removal from Byju's committee of creditors. - Supreme Court instructs interim resolution professional to maintain status quo and not hold lenders' meeting. - Separate matter between Byju's investors and parent company adjourned to November 18 by NCLT.
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SC halts CoC meetings at Byju’s; tells resolution professional to maintain status quo
Economic Times
·
11m ago
Medial
The Supreme Court has temporarily halted all meetings related to the insolvency proceedings of edtech firm Byju's. The court directed the interim resolution professional to maintain status quo and not hold any meetings of the creditors' committee. The SC reserved its verdict on an appeal by US lender GLAS Trust against the approval of a settlement deal between Byju's and its operational creditor, the Board of Control for Cricket in India (BCCI). The court questioned Byju's decision to settle its debt with BCCI while leaving substantial dues owed to other creditors.
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