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Byju’s creditor Surfer Technologies settles insolvency case with edtech firm | Mint

LivemintLivemint · 1y ago
Byju’s creditor Surfer Technologies settles insolvency case with edtech firm | Mint
Medial

Surfer Technologies, based in Gurugram, has informed the National Company Law Tribunal (NCLT) in Bengaluru that it has reached a settlement with Byju's and may withdraw its insolvency application filed against the edtech company. The NCLT had previously asked both parties to submit a formal application after the insolvency order was reserved. Surfer Technologies had initially filed the application under the Insolvency and Bankruptcy Code, claiming that Byju's owed over ₹2 crore in debt. Byju's had also reached a settlement with another operational creditor, Teleperformance Business Services, earlier this year. The NCLT is currently also dealing with an oppression and mismanagement case against Byju's filed by investors General Atlantic and MIH Edtech.

Creditors may take over Byju’s as NCLT admits insolvency resolution

EntrackrEntrackr · 1y ago
Creditors may take over Byju’s as NCLT admits insolvency resolution
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.

Tribunal orders lenders of insolvent Siti Networks to return ₹148 crore to company | Mint

LivemintLivemint · 10m ago
Tribunal orders lenders of insolvent Siti Networks to return ₹148 crore to company | Mint
Medial

- Siti Networks, part of Essel Group, has been ordered by an insolvency tribunal to repay ₹143 crore to Axis Bank and other financial creditors. - The order came after Asset Reconstruction Company alleged that certain creditors had unlawfully withdrawn funds from Siti during a stay on insolvency proceedings. - Axis Bank had withdrawn and distributed around ₹143 crore to various lenders, including IndusInd Bank, RBL Bank, Aditya Birla Finance, and IDBI Bank, during the stay period. - The Mumbai bench of the National Company Law Tribunal directed the reversal of all transactions and appropriations made during the stay period, and the amounts should be remitted back to Siti within four weeks. - The tribunal did not take any action against Axis Bank for the funds withdrawal, citing the absence of a specific prayer for prosecution in the case.

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