🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥
✕
Login
Home
News
Messages
Startup Showcase
Trackers
Premium
Premium Content
Jobs
Notifications
Settings
Try our Valuation Calculator →
Log In
News on Medial
Creditors may take over Byju’s as NCLT admits insolvency resolution
Entrackr
·
1y ago
Medial
Byju’s, once the highest valued Indian startup, is set to face insolvency resolution process at the National Company Law Tribunal (NCLT) following a plea filed by the Indian cricket board. The Board of Control of Cricket in India (BCCI) had filed under section 9 of the Insolvency and Bankruptcy Code (IBC) 2016 which permits creditors to take control of the company from the current management. NCLT order in November 2023 said that Byju’s had defaulted on a payment of Rs 158 crore. NCLT has appointed Pankaj Srivastava as the interim resolution professional and he will run Byju’s till the lenders form a committee known as the Committee of Creditors. “The Interim Resolution Professional shall after collation of all the claims received against Think and Learn Pvt Ltd the Corporate Debtor and the determination of the financial position of the Corporate Debtor constitutes a Committee of Creditors,” the arbitrator order said. The NCLT order asserts that there is no ground to deny Corporate Insolvency Resolution Process (CIRP) by BCCI against Byju’s as defaults have been established by the Bengaluru-based edtech firm. Byju’s has been going through turmoil for the past couple of years. The firm already faced a funding crisis and saw an exodus at the top as well as board level in the past 12 months. In October 2023, the company’s chief financial officer Ajay Goel left whereas Arjun Mohoan, its chief executive for India, put in his papers in April this year. Rajnish Kumar and T V Mohandas Pai also left the company as advisors in July this year. Last month, investment firm Prosus, which has invested around $500 million in Byju’s over the years, wrote off the value of its 9.6% stake in the company. This came soon after Byju’s raised a $200 million rights issue at a valuation of $225 million. This is a 99% discount to its peak valuation of $22 billion. Not only Byju’s, its founder Raveendran’s net worth also went down to zero, according to Forbes Billionaire Index 2024.
View Source
Related News
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.
View Source
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.
View Source
NCLT approves Shailendra Ajmera as new resolution professional of Byju’s parent firm
Economic Times
·
5m 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.
View Source
BYJU’S Crisis: Now, NCLT Admits Insolvency Plea Of Its Term Loan B Lenders
Inc42
·
1y ago
Medial
The National Company Law Tribunal (NCLT) has admitted an insolvency plea filed by creditors against edtech giant BYJU'S. The case was filed by Glas Trust Company, representing the majority of BYJU'S $1.2 billion Term Loan B lenders. This marks the fourth insolvency petition against BYJU'S in the past six months. The plea was admitted a month after it was filed, and the NCLT has issued notices for all insolvency petitions filed against the company. BYJU'S has been facing various challenges, including layoffs, debt crisis, and growing losses.
View Source
BYJU’S insolvency saga: Shailendra Ajmera appointed new IRP
Inshorts
·
5m 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.
View Source
NCLT Reserves Order on Byju’s Creditors' Appeal, BCCI Petition to Withdraw Insolvency
OutlookIndia
·
6m 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.
View Source
Byju’s insolvency: NCLT approves new resolution professional | Company Business News
Livemint
·
5m ago
Medial
Embattled ed-tech giant Byju's has appointed Shailendra Ajmera as the new resolution professional to oversee its bankruptcy proceedings, replacing Pankaj Shrivastava as per a Bengaluru insolvency court directive. The National Company Law Tribunal (NCLT) had initially questioned Shrivastava's suitability for the role. Ajmera, renowned for handling complex insolvency cases, faces a challenging task amid disputes between Byju's creditors and former directors, particularly regarding a controversial ₹158 crore settlement with the BCCI.
View Source
Hindustan National Glass: NCLAT decides against change of RP, directs NCLT to decide on bids
Economic Times
·
24d ago
Medial
The insolvency appellate tribunal, NCLAT, overturned the NCLT's decision to replace the resolution professional for Hindusthan National Glass Industries (HNG). NCLAT instructed NCLT to proceed with bid approvals per the Supreme Court's directions. The Supreme Court had set aside NCLT's previous orders, as AGI Greenpac's resolution plan lacked necessary CCI approval. The court required HNG's creditors to reevaluate resolutions, particularly considering Independent Sugar Corporation. NCLAT allowed NCLT to finalize Insolvency Resolution Process.
View Source
NCLT reserves ruling on Byju’s creditor appeals, BCCI insolvency petition
Economic Times
·
7m ago
Medial
The National Company Law Tribunal (NCLT) has reserved its decision on appeals involving Glas Trust and Aditya Birla Finance to join Byju's committee of creditors, and BCCI's application to withdraw its insolvency petition against Byju's. Glas Trust and Aditya Birla Finance, initially part of the creditors' committee, were removed after reconstitution. The tribunal is scrutinizing the process, stressing the resolution professional's responsibility and authority limits, particularly concerning creditor classifications and reconstitution powers.
View Source
ETtech Explainer: Edtech company Byju’s legal woes take new turn
Economic Times
·
5m 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.
View Source
Trackers
Active Indian VC’s
OG Capital
Email
With a hands-on approach, OG Capital aims to invest in over 20 promising...
Accel Partners
Email
Early and growth-stage investments in disruptive technology companies with...
Blume
Email
Early-stage venture capital firm investing in technology startups in India. Focus on...
Access All Trackers
Startup Showcase Winners
June 2025
Buddy
Helping your parents when you are miles away
BiteStop
The Pit Stop Your Cravings Deserve
Bloomer
The next generation E-commerce platform
Enter Ongoing Startup Showcase
Top Users
Trending News on Medial
Download the medial app to read full posts, comements and news.
Go to Medial App
Not Now
Know everything that’s happening in the startup ecosystem, first.
Enable Notifications?
No, thanks
Count me in