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Indian ed-tech giant Byju’s faces total shutdown if insolvency proceeds, says CEO

Livemint

Livemint · 1y ago

Indian ed-tech giant Byju’s faces total shutdown if insolvency proceeds, says CEO

Insolvency proceedings against Byju's, India's leading ed-tech startup, may result in a complete shutdown of its services and force mass employee resignations, according to a court filing. Byju's, once valued at $22 billion, has faced a series of challenges including job cuts, a drop in valuation, and disputes with investors over corporate governance issues. The current crisis follows a complaint from the Indian cricket board over an unpaid sponsorship fee, triggering insolvency proceedings and freezing Byju's assets. The court will review the case on Monday, and Byju's CEO, Byju Raveendran, has expressed willingness to settle the outstanding dues.

Related News

Byju’s insolvency: NCLT approves new resolution professional | Company Business News

Livemint

Livemint · 6m ago

Byju’s insolvency: NCLT approves new resolution professional | Company Business News

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.

Facing insolvency, Byju's hit with new challenge from lenders

Economic Times

Economic Times · 1y ago

Facing insolvency, Byju's hit with new challenge from lenders

US-based Glas Trust is urging an Indian court to continue insolvency proceedings against ed-tech giant Byju's, as lenders it represents are owed $1 billion. Byju's, once valued at $22 billion, has faced numerous challenges including boardroom exits, an auditor resignation, and a dispute with foreign investors. The company is now facing insolvency after not paying the cricket board $19 million in sponsorship dues. Byju's former CEO claims the matter is settled, but Glas Trust alleges that the company used lenders' money to pay the cricket board. A court ruling in favor of Glas Trust could lead to further troubles for Byju's, including frozen assets and a potential shutdown.

Byju’s says it’s in talks with BCCI to settle pending insolvency issue

Livemint

Livemint · 1y ago

Byju’s says it’s in talks with BCCI to settle pending insolvency issue

Ed-tech firm Byju's is currently in discussions with the Board of Control for Cricket in India (BCCI) to resolve an insolvency matter filed against the company. The BCCI had filed an application against Think & Learn Pvt Ltd, the operator of Byju's, for defaulting on dues related to sponsorship rights of the Indian cricket team's jerseys. Byju's, which has been a partner of the Indian cricket team since 2019, is seeking to settle the matter with the BCCI as it faces challenges to raise funds and make payments to former employees.

Byju’s auditor BDO quits, CEO Raveendran views exit as ’suspicious’ | Mint

Livemint

Livemint · 11m ago

Byju’s auditor BDO quits, CEO Raveendran views exit as ’suspicious’ | Mint

Auditor firm BDO has resigned from its position auditing Indian ed-tech startup Byju's due to a worsening situation at the company. Byju's is currently facing legal cases, including insolvency proceedings and unpaid dues to employees and vendors. BDO had taken over from previous auditor Deloitte in 2023, but requested a forensic audit in July after Byju's insolvency plea. Byju's CEO Byju Raveendran has claimed that BDO's resignation is due to the company's refusal to engage in illegal activities such as back-dating documents and filings. BDO has responded by citing a lack of transparency at Byju's as the reason for their resignation.

Karnataka HC rejects Byju’s plea in BCCI case; edtech firm to move NCLAT on Monday

Economic Times

Economic Times · 1y ago

Karnataka HC rejects Byju’s plea in BCCI case; edtech firm to move NCLAT on Monday

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.

Byju’s bankrupt: Is the edtech crisis deepening?

Livemint

Livemint · 1y ago

Byju’s bankrupt: Is the edtech crisis deepening?

Edtech giant Byju's is facing insolvency after being admitted to the National Company Law Tribunal (NCLT). Founder Byju Raveendran will relinquish control to an interim resolution professional (IRP), who will establish a committee of financial creditors. Byju's also faces a deadline to reach a settlement with the Board of Control for Cricket in India to avoid a court battle. Other edtech companies have struggled due to overspending during a funding boom, with Unacademy experiencing top-level departures and Vedantu implementing cost-cutting measures. Online education firms are reportedly exploring offline expansion, while edtech investments have declined.

Byju’s insolvency: Brothers move court to keep creditors away from ₹158 cr settlement

Livemint

Livemint · 6m ago

Byju’s insolvency: Brothers move court to keep creditors away from ₹158 cr settlement

Byju's suspended directors are contesting a ₹158 crore settlement with the BCCI amid insolvency proceedings. The National Company Law Appellate Tribunal (NCLAT) is set to decide if the settlement was made before the Committee of Creditors (CoC) was formed. If favored, Byju's would exit insolvency. Byju's insolvency arose from a sponsorship payment default, causing disputes, particularly with dominant creditor Glas Trust. The case continues in the NCLAT.

Byju’s employees rush to file claims for their unpaid salaries as deadline nears

Livemint

Livemint · 1y ago

Byju’s employees rush to file claims for their unpaid salaries as deadline nears

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.

NCLT Issues Notice To BYJU'S On Insolvency Plea By US Lenders

Inc42 · 1y ago

NCLT Issues Notice To BYJU'S On Insolvency Plea By US Lenders

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.

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

Economic Times

Economic Times · 4m 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.

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