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News on Medial
Byju’s RP’s suit claims directors owe compensation to company under IBC laws
Economic Times
·
1m ago
Medial
An EY-backed resolution professional has filed lawsuits at the NCLT against former Byju’s directors, claiming they owe compensation for fraudulent asset transfers. The lawsuits argue that transactions were reversed under the Insolvency and Bankruptcy Code, citing a $533 million investment and Rs 130 crore unjustly moved. Former directors Byju Raveendran, Riju Ravindran, and Divya Gokulnath are implicated. The lawsuits follow a Delaware court ruling questioning a $533 million transfer by Byju’s Alpha, a subsidiary, which was deemed illegal.
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NCLT admits BYJU’S corporate insolvency resolution process following BCCI’s plea
YourStory
·
1y ago
Medial
The National Company Law Tribunal (NCLT) has admitted the petition filed by the Board of Control for Cricket in India (BCCI) to initiate insolvency proceedings against Think and Learn Pvt Ltd, the parent company of BYJU'S. The NCLT order establishes the existence of a debt and default, allowing the initiation of the corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code (IBC), 2016. Pankaj Srivastava has been appointed as the interim resolution professional. Further details are awaited.
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BYJU’s RP Files Suit Against Raveendran, His Brother & Wife Over Asset Diversion
OutlookIndia
·
1m ago
Medial
BYJU’s current resolution professional, Shailendra Ajmera, has filed a lawsuit against former directors Byju Raveendran, Riju Ravindran, and Divya Gokulnath at the National Company Law Tribunal. The suit alleges asset diversion, specifically involving a $533 million US investment and ₹130 crore domestic funds. These transactions reportedly deprived Think & Learn of crucial resources. The lawsuit utilizes provisions in the Insolvency and Bankruptcy Code to reverse such transactions executed by the prior management.
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EY-backed RP sues Byju’s Dubai-based marketing agent for Rs 1,597 crore - The Economic Times
Economic Times
·
29d ago
Medial
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.
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Setback for Byju’s as Supreme Court restores insolvency case, raps NCLAT for overreach
Livemint
·
9m ago
Medial
The Supreme Court has overturned a previous order by the National Company Law Appellate Tribunal (NCLAT) that had halted insolvency proceedings against Byju's, an edtech company in India. The court ruled that Byju's must follow the established protocols under the Insolvency and Bankruptcy Code (IBC) to address its debt owed to the Board of Control for Cricket in India (BCCI). The court also directed Byju's to deposit the settlement amount into an escrow account controlled by the Committee of Creditors (CoC). The Supreme Court criticized the NCLAT for misusing its powers and bypassing proper procedures in permitting the withdrawal of the insolvency application.
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SpaceX faces hearing on engineers fired after criticizing Elon Musk over sexism
Reuters
·
1y ago
Medial
SpaceX will face a labor board judge on Tuesday over claims that the company fired eight engineers for criticizing CEO Elon Musk and accusing him of sexist conduct. The engineers had circulated a letter accusing Musk of sexism and claiming the company tolerated discrimination against women. The National Labor Relations Board (NLRB) claims SpaceX violated labor laws by firing the engineers and is seeking to order their reinstatement and compensation. SpaceX has denied wrongdoing and filed a lawsuit to block the board's enforcement proceedings, citing violations of the US Constitution. The case is ongoing.
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Byju’s employees rush to file claims for their unpaid salaries as deadline nears
Livemint
·
1y ago
Medial
Byju's employees are rushing to claim unpaid salaries and benefits after the edtech company was declared bankrupt and admitted to insolvency. With a deadline of July 31st, employees have hired legal professionals to help them recover their dues. Byju's founder and CEO, Byju Raveendran, has been unsuccessful in his attempts to overturn the insolvency order through appeals. Employees must file their claims individually or as a group with supporting documents, and if Byju's goes into liquidation, former employees who have filed claims are expected to recover their money as workmen compensation.
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Byju’s insolvency: Suspended directors challenge NCLT ruling reinstating lenders, cite prejudice
Livemint
·
6m ago
Medial
The suspended directors of Byju's have appealed to the National Company Law Appellate Tribunal (NCLAT) against an insolvency court's decision favoring lenders as financial creditors without resolving its ₹158 crore settlement with the BCCI. The petition argues that the tribunal's ruling could keep the insolvency process in force, affecting Byju’s control. The case involves a significant stake held by Glas Trust, representing most of the creditors' claims, amidst disputed settlement proceedings.
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Air India faces Rs 1,000 cr liability as legal claims mount after AI171 crash - The Economic Times
Economic Times
·
1m ago
Medial
Following the Air India AI171 crash, the airline initially offered ₹1 crore compensation per deceased, but legal obligations under the Montreal Convention potentially require payouts up to ₹1.6 crore per victim. Families might pursue additional claims based on lost income and companionship damages. Liability exceeds ₹1,000 crore, encompassing compensation, property damage, and operational disruptions. Air India's insurance should cover substantial costs, but if claims surpass coverage, financial repercussions could be severe. Legal proceedings might also occur internationally for foreign victims.
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SC stays Madras HC order in Testbook suit against Google Play Store billing - The Economic Times
Economic Times
·
4d ago
Medial
The Supreme Court has stayed a Madras High Court order which denied Google's attempt to halt proceedings initiated by Testbook Edu Solutions over Google's new payment policies on the Play Store. Testbook claims the policies, which impose fees on developers, are unfair. Google argues the suit falls under the jurisdiction of the Competition Commission of India, not civil courts, and contradicts previous rulings that supported Google's stance on similar claims.
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Byju’s vacates its biggest office space in Bengaluru to save costs
Money Control
·
2y ago
Medial
Edtech company BYJU'S has vacated its largest office space in Bengaluru to cut costs. The move comes as a cost-saving measure amid changing work dynamics and to optimize expenses. BYJU'S decision to vacate its biggest office space reflects the ongoing trend of companies reassessing their office needs and expenses due to the impact of the COVID-19 pandemic. Over the weekend, Moneycontrol visited Kalyani Tech Park and the two remaining offices of Byju’s — IBC Knowledge Park, Bannerghatta and Prestige Tech Park, Kadabeesanahalli, to confirm the development.
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