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Byju's to challenge insolvency proceedings initiated by Karnataka NCLT
VCCircle
·
1y ago
Medial
Indian education technology company Byju's is set to challenge insolvency proceedings initiated against it in an attempt to halt the process. The company, once valued at $22 billion, is facing the crisis after the National Company Law Tribunal in Karnataka ordered insolvency proceedings over a complaint by the cricket board for unpaid dues. Byju's has been facing multiple challenges in recent years, including corporate governance accusations, job cuts, and a significant decrease in valuation. The company plans to file an appeal this week to block the insolvency process.
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Byju Raveendran moves Karnataka HC for stay on insolvency order; NCLAT hearing on Monday
Economic Times
·
1y ago
Medial
Byju Raveendran, founder of Byju's, has filed a writ petition in the Karnataka High Court to suspend insolvency proceedings ordered by the National Company Law Tribunal (NCLT) until his appeal is considered by the National Company Law Appellate Tribunal (NCLAT). The NCLT admitted Byju's for insolvency proceedings based on a case filed by the Board for Control of Cricket in India (BCCI) over unpaid dues. Raveendran's lawyers argue that once the committee of creditors (CoC) is appointed, there will be limited legal recourse for the company. Raveendran's earlier attempt to quash the insolvency proceedings was unsuccessful.
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BCCI hints at settlement talks with Byju's
Economic Times
·
1y ago
Medial
The Board of Control for Cricket in India (BCCI) has requested a one-day adjournment at the National Company Law Appellate Tribunal (NCLAT), indicating ongoing talks with Byju's regarding a potential settlement. Byju's Founder, Raveendran, has filed a plea challenging the initiation of insolvency proceedings against Think & Learn, the company behind Byju's. The BCCI had approached the NCLT under the Insolvency and Bankruptcy Code (IBC) over a default of ₹158.9 crore by Think & Learn. Byju's expressed hope for an amicable settlement with the BCCI and has also taken the matter to the Karnataka High Court.
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Karnataka HC rejects Byju’s plea in BCCI case; edtech firm to move NCLAT on Monday
Economic Times
·
1y ago
Medial
Edtech firm Byju's has moved the Karnataka High Court to challenge the National Company Law Tribunal (NCLT) order on the Board of Control for Cricket in India's (BCCI) insolvency plea. However, the court did not admit the plea, and Byju's plans to approach the National Company Law Appellate Tribunal (NCLAT) on Monday. Byju's has been admitted into insolvency over unpaid dues of ₹158 crore related to sponsorship rights from the BCCI. Founder Byju Raveendran stated that the insolvency process could lead to a total shutdown of services and halt operations.
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Byju’s founder files FIR against former resolution professional, EY, Glas Trust
Economic Times
·
4m ago
Medial
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.
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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 case: Glas Trust, Aditya Birla Finance inducted into CoC
Economic Times
·
6m ago
Medial
The National Company Law Tribunal (NCLT) ruled to reinstate Glas Trust and Aditya Birla Finance as financial creditors in Byju’s Committee of Creditors (CoC), following their removal. The tribunal criticized the insolvency resolution professional (RP) for biased conduct and misleading the tribunal, leading to potential disciplinary action. The NCLT nullified the CoC's reconstitution decisions, emphasizing that any reconstitution powers belong to the NCLT, highlighting the ongoing legal complexities surrounding Byju's insolvency proceedings.
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Riju Ravindran moves NCLT, alleges GLAS Trust has no authorisation to represent its US-based lenders
Economic Times
·
2m ago
Medial
Riju Ravindran, co-founder of Think and Learn, has approached NCLT to challenge GLAS Trust's representation in Byju's creditor proceedings, claiming it falsely portrays itself as a financial creditor. Ravindran argues GLAS only represents 17.38% voting rights and seeks its removal, stating decisions with GLAS's involvement should be nullified. This move questions GLAS's authority without backing from a majority of lenders and alleges manipulation of the insolvency process.
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NCLT Issues Notice To BYJU'S On Insolvency Plea By US Lenders
Inc42
·
1y ago
Medial
The National Company Law Tribunal (NCLT) has issued a notice to edtech giant BYJU'S following a plea by US-based non-bank loan agency Glas Trust Company to initiate insolvency resolution proceedings. The tribunal has asked BYJU'S to file a response and listed the case for hearing in April. This comes after a group of investors, including Prosus and General Atlantic, filed a petition against BYJU'S CEO and promoters. Crisis mounts for BYJU'S as it faces multiple insolvency cases and legal disputes, including a case brought by the Board of Control for Cricket in India.
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NCLAT adjourns Byju’s case hearing to November 6
Economic Times
·
10m 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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Byju's settles insolvency dispute over ₹5 cr dues with France's Teleperformance
Livemint
·
1y ago
Medial
Byju's has settled with Teleperformance Business Services, a creditor, thereby withdrawing its insolvency petition against the edtech firm. The dispute arose from Byju's defaulting on repayment of dues worth ₹5 crore, with a structured payment plan subsequently agreed upon. Byju's is currently involved in insolvency proceedings with other creditors. Additionally, Byju's has challenged an NCLT order that halted its second rights issue, leading to a separate account being set up to collect funds from the issue.
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