Page 7 - Byju's

Byju Raveendran takes charge of Byju's as NCLAT accepts BCCI settlement

The NCLAT noted that "money being offered by the largest shareholder and former promoter (Riju Raveendran) has nothing to do with the US lenders, which gives the court power to rule"

NCLAT approves Byju's settlement with BCCI, sets aside insolvency plea

In a major relief to Byju's, the NCLAT on Friday set aside insolvency proceedings against the troubled edtech major over a sponsorship deal and approved a Rs 158 crore settlement with the Board of Control for Cricket in India. The National Company Law Appellate Tribunal (NCLAT), however, passed the order with a caveat that any failure to make payments on the specific dates mentioned in the undertaking would automatically lead to a revival of the insolvency proceedings against Byju's. The appellate tribunal also dismissed the allegation of round-tripping levelled by Byju's US-based lenders, saying they failed to provide any evidence for the same. The tribunal further said the money was paid by Riju Raveendran (brother of Byju Raveendran) through sales of his shares. "In view of the undertaking given and affidavit, the settlement between the parties (is) approved and as a result appeal succeeds and impugned order (passed by the NCLT) is set aside," said a two-member Chennai bench in

Byju's lender asks court not to quash insolvency proceedings against firm

Glas Trust says Byju and his brother Riju used money owed to lenders to clear the Indian cricket board's dues and that the insolvency proceedings should continue

Money paid to BCCI is 'clean money', Riju Raveendran tells NCLAT

Formation of committee of creditors stayed till August 2

NCLAT defers edtech major Byju's, BCCI settlement after lender alert

Raveendran's brother had made part-payment on Tuesday

Byju's ex-director fined $10,000 per day over missing $533 million

The missing cash belongs to a bankrupt shell company, Byju's Alpha Inc., which is affiliated with Think & Learn and was taken over by the lenders after their loan defaulted

Byju's vs BCCI row: Edtech platform, cricket board reach settlement

Ed-tech startup Byju's will make payment to BCCI, founder Byju Raveendran's brother Riju Raveendran will complete the process, the lawyer added

BCCI in discussion with Byju's to settle dispute related to unpaid dues

Solicitor General Tushar Mehta, who appeared on behalf of the BCCI, informed the bench that some talks were on and the BCCI wanted time to see if "anything fruitful will come" out of such discussion

Byjus vs BCCI row: Edtech firm seeks to settle debt with cricket board

Byju's has 'almost resolved' the matter with Board of Control for Cricket in India and will pay 'a certain tranche of the money' by this evening, a lawyer representing the firm said

Byju's insolvency order: NCLAT judge recuses from hearing appeal

Cites he had appeared for the BCCI as a lawyer and, therefore, did not think it appropriate to hear the matter

NCLAT judge recuses from hearing Byju's plea against insolvency proceedings

Byju's Founder Byju Raveendran's plea against the Insolvency of Think & Learn before the NCLAT was adjourned on Monday as one of the members of the bench recused from the hearing. The matter will be placed before a bench headed by National Company Law Appellate Tribunal (NCLAT) Chairman Justice Ashok Bhushan, who will assign a different bench to hear the matter. Raveendran had filed a petition challenging the initiation of insolvency proceedings against of Think & Learn, which runs edtech company Byju's. The matter was listed on Monday before a two-member Chennai-based bench of the NCLAT comprising Justice Sharad Kumar Sharma, Member (Judicial), and Jatindranath Swain, Member (Technical). However, Justice Sharma recused himself from the hearing, saying he had appeared as the counsel for the Board of Control for Cricket in India (BCCI) before his elevation. "I have appeared as a senior counsel for (the) BCCI. Since they are the main beneficiaries of this order, I cannot take ...

BCCI accuses Byju's CEO of misleading Karnataka HC in insolvency hearing

Byju's is currently dealing with claims exceeding Rs 200 crore from multiple creditors, including Rs 158 crore owed to BCCI

Byju's moves fresh plea before HC for stay on insolvency proceedings

The edtech firm has urged the Court to stay the insolvency resolution process as well as the formation of the Committee of Creditors (CoC)

Byju's appeals to NCLAT Chennai against insolvency; hearing set for July 29

Byju's owes its creditors - BCCI, OPPO, Surfer Technologies, Cogent E Services, McGraw Hill Education India, and iEnergizer Services - more than Rs 200 crore

Qatar sovereign fund asks HC to block Byju founder's personal assets

Qatar Investment Authority invested in edtech company in 2019 and 2022

Byju's US lawyers blame client in a bid to quit US bankruptcy case

For months, lenders have been trying to find $533 million in cash that Ravindran allegedly moved out of the US

Edtech firm's founder Byju Raveendran faces reckoning as startup implodes

Accused of financial mismanagement and compliance issues, the son of family of teachers from a small village in south India faces a reckoning that will test the ingenuity that made him a poster child

Edtech firm Byju's moves NCLAT against NCLT order, seeks urgent hearing

Byju's, once valued at $22 billion, is seeking an urgent hearing at NCLAT against the insolvency order by NCLT based on a plea from BCCI over the non-payment of Rs 158 crore

Byju's knocks at NCLAT door against NCLT's insolvency order in BCCI case

Crisis-ridden Byju's has moved the National Company Law Appellate Tribunal (NCLAT) against the recent order of NCLT that allowed cricket board BCCI's petition for initiating insolvency proceedings against the once-famed edtech company, sources said. Sources privy to the development said that the company is seeking an urgent hearing on the matter. Byju's did not comment on the issue. According to sources, Byju's on Thursday moved the appellate tribunal, NCLAT, contesting the recent order of NCLT's Bengaluru bench that had admitted the cricket board's plea to start insolvency proceedings against the parent company Think and Learn, after the edtech firm failed to pay Rs 158.9 crore dues. Founder and CEO Byju Raveendran will report to the resolution professional. NCLT has appointed Pankaj Srivastava as the interim resolution professional. Byju's had previously sponsored the Indian cricket team. Earlier this week, Byju's had said it is hopeful of reaching "an amicable settlement" with

Byju's may challenge NCLT's insolvency proceedings order against its parent

Sources say the company may approach NCLAT in the next few days