Page 5 - Byju's

BCCI may move NCLT to seek withdrawal of Byju's insolvency proceedings

The Supreme Court last month annulled the National Company Law Appellate Tribunal ruling that sanctioned a settlement of Rs 158 crore between Byju's and the BCCI on Oct 23

Supreme Court sets aside NCLAT order halting Byju's insolvency proceedings

With this, Byju Raveendran and his brother Riju Raveendran have again lost control over Think and Learn Pvt Ltd or Byju's

Byju's in trouble again as SC scraps NCLAT ruling on insolvency proceedings

A bench led by Chief Justice DY Chandrachud revoked the NCLAT's approval of Byju's settlement of Rs 158.9 cr in outstanding dues to the BCCI

Aakash to invest Rs 100 crore to rebuild Aakash Digital in 2 years

Test preparatory firm Aakash Educational Services plans to invest around Rs 100 crore in rebuilding and scaling up its edtech unit Aakash Digital after it has come out of the control of beleaguered edtech company BYJU'S, managing director and CEO Deepak Mehrotra said. In an interview to PTI, Mehrotra said that as part of Aakash 2.0 journey, the company will scale up Aakash Digital classrooms to cater to students across the country including in those areas where it is not feasible to set up physical rooms. "We have brought the Aakash Digital Program back under Aakash, we are building on it and investing heavily. We believe that over the next 18 to 24 months, we will be spending close to Rs 100 crore on building this programme -- investing in technology, content, teacher capabilities, and delivery. This investment will go into the Aakash Digital Classroom Program," Mehrotra said. BYJU's had acquired a majority stake in Aakash Educational Services (AESL) in April 2021 but due to ...

Byju's worth zero now: How the cookie crumbled for India's edtech giant

Byju Raveendran, founder and chief executive of crisis-hit edtech firm Byju's, said the company, once valued at $22 billion, has seen its valuation plummet to zero

Byju introspects, says Byju's worth zero now, promises a turnaround

Last month, the Supreme Court reserved its verdict on a plea of a US firm against NCLAT order stopping insolvency proceedings against Byju's

Byju's founder denies fraud, says missing funds used for legitimate purpose

The company got the $1.2 billion loan nearly three years ago as it planned to use most of the proceeds on an international expansion, Raveendran claimed

Byju's affiliate drained cash from US units, violating bankruptcy rules

Money that should be used to repay creditors was instead siphoned off to Whitehat Education Technology, a court-approved trustee for the affiliates said in court papers

Don't hold lenders' meet till verdict is out: Supreme Court to Byju's IRP

The court, during the hearing, asked Byju's and BCCI if the rules, particularly Regulation 30A of the Insolvency and Bankruptcy Code (IBC), allow settlement outside the set procedures

Byju's insolvency case: SC reserves verdict on plea challenging NCLAT order

The Supreme Court on Thursday reserved its verdict on a plea of a US firm against the NCLAT order stopping insolvency proceedings against ed-tech firm Byju's. A bench headed by Chief Justice D Y Chandrachud asked the insolvency resolution professional (IRP) to maintain status quo till the apex court delivers its judgement in the matter. The bench, also comprising Justices JB Pardiwala and Manoj Misra, considered the plea of US firm Glas Trust Company LLC and asked the IRP not to proceed with the committee of creditor's meeting to deal with the Byju's case. While hearing the matter on Wednesday, the top court had questioned the verdict of insolvency appellate tribunal NCLAT setting aside the insolvency proceedings against Byju's and approving its Rs 158.9 crore dues settlement with the BCCI. Observing that the National Company Law Appellate Tribunal (NCLAT) did not apply its mind while closing the insolvency proceedings against the ed-tech major, the bench had hinted that it may sen

NCLAT did not apply its mind in edtech firm Byju's case: Supreme Court

Indicates sending matter back to appellate tribunal to hear it afresh

Edtech company Byju's in default of $1.5 bn loan, affirms Delaware SC

Allows US lenders to take control of firm's American assets, primarily Byju Alpha

We are now a separate entity from Byju's: Aakash CEO Deepak Mehrotra

Plan includes scaling up operations, bringing efficiency and setting up hybrid learning centres

Byju Raveendran apologises to employees, pledges support amid challenges

As a small token of appreciation, Raveendran said he has managed, against all odds, to borrow some funds and to compensate the employees and urged them to continue teaching

Glas Trust moves Supreme Court against Byju's resolution professional

A committee of creditors (CoC) is a group of lenders who make decisions about an insolvent company or borrower in the insolvency resolution process

US lenders counter Byju's claim, says edtech has to repay full $1.2 bn

US lenders represented by Glas Trust have countered BYJU's founder Byju Raveendran's claim on verified debt on the company being merely around Rs 20 crore, and have said that the beleaguered edtech firm will have to pay the entire USD 1.2 billion Term Loan B along with interest. The founder of Think and Learn (TLPL) and owner of BYJU'S brand, Byju Raveendran, had about a week ago said that verified debt on the company is only Rs 20 crore as per insolvency proceedings and he may not have to pay any money to the US lenders represented by Glas Trust. "Neither Byju nor the IRP have the authority to disqualify any term loan lender 'and even if they did, BYJU's would still be obligated to repay the full amount of the loan plus interest. Any argument otherwise is illegitimate, and Byju knows it," a steering committee of the ad hoc group of term loan lenders to Byju's Alpha, Inc said in a statement. Glas Trust has sued BYJU'S for the recovery of USD 1.2 bn TLB in US as well as in India. Th

Byju's bankruptcy ruling in US comes as a surprise for Indian official

The development was surprising and in conflict with insolvency proceedings in India

SC to hear plea related to insolvency proceedings against Byju's on Sept 17

The Supreme Court on Wednesday said it will hear on September 17 the appeal of US-based creditor Glas Trust Company LLC against a judgment of the NCLAT, which had stayed insolvency proceedings against ed-tech firm BYJU's and approved its Rs 158.9 crore dues settlement with the BCCI. A bench comprising Chief Justice D Y Chandrachud and Justices J B Pardiwala and Manoj Misra was urged by a battery of lawyers that the plea be heard urgently keeping in mind the subsequent developments in the case. The plea was mentioned by senior advocate NK Kaul, appearing for the ed-tech major, that the case needed to be heard at the earliest. The submission was supported by Solicitor General Tushar Mehta, appearing for the BCCI, and senior lawyer Abhishek Singhvi, also appearing for the ed-tech firm. Kaul said another plea in the case has also been filed and that is listed for hearing on September 17 and hence, the present plea be either heard on that day or the hearings in both the cases be advance

Byju's may not have to pay Glas Trust; verified claim is only Rs 20 cr: CEO

Think & Learn, which owns Byju's may not have to pay any amount for the disputed USD 1.2-billion Term Loan B due the present "behaviour" of Glas Trust -- an agency which is representing US-based lenders -- Founder and CEO of the edtach major Byju Raveendran said. In an interview to PTI, Raveendran said the verified debt claim on Byju's as per the insolvency resolution professional (IRP) is now only Rs 20 crore. Glas Trust has filed an appeal against Byju's claiming dues of USD 1.35 billion, or Rs 11,432.98 crore, arising out of the raising of USD 1.2 billion by the edtech firm as Term Loan B (TLB) from the lenders in the US. Raveendran said the TLB is a traded instrument that is currently trading around 20 cents, putting the current value of the debt raised by the company at USD 240 million. "The way they (Glas Trust) are acting, they are not going to get any money. They only might drop it to zero value. The first question, when Glas comes to the court, who is Glas? Now, we are ...

Byju's hits back, says BDO's lack of communication with IRP suspicious

Byju's statement further added that they had 'multiple call recordings', where BDO representatives explicitly suggested backdating these documents, which Byju's refused to do