Page 3 - Byju's

July's salary not paid as firm yet to get control of accounts: Byju's CEO

Edtech firm Think and Learn, which owns Byju's brand, has not paid the July salary to employees as the company was unable to access its accounts due to a temporary stay granted by the Supreme Court on the NCLAT's decision, a top official said on Tuesday. On August 2, the National Company Law Appellate Tribunal (NCLAT) approved the Rs 158.9 crore dues settlement with BCCI and set aside insolvency proceedings against Byju's. However, the Supreme Court on August 14 stayed the verdict of the insolvency appellate tribunal setting aside the insolvency proceedings against the ed-tech major based on a plea of US-based creditor Glas Trust Company LLC. Think and Learn founder and CEO Byju Raveendran in an email to employees said that every legal roadblock has lengthened the company's long trek to recovery but the company is on the verge of reversing the negative business cycle that began two years ago. "I want to address the matter of utmost concern to you - and to me as well. Your salary for

SC stays NCLAT order approving Byju's settlement of dues with BCCI

The money that Byju's has paid to the BCCI will be kept in a separate escrow account, a bench led by Chief Justice of India (CJI) DY Chandrachud said

SC stays NCLAT verdict approving Byju's dues settlement with BCCI

The Supreme Court on Wednesday stayed the verdict of the insolvency appellate tribunal, NCLAT, approving Rs 158.9 crore dues settlement of edtech major Byju's with the BCCI. A bench headed by Chief Justice D Y Chandrachud also stayed the NCLAT verdict setting aside the insolvency proceedings against Byju's. It issued notices to Byju's on a plea of US-based creditor Glas Trust Company LLC against the NCLAT verdict. The bench, also comprising justices J B Pardiwala and Manoj Misra, directed the BCCI to keep in a separate account Rs 158.9 crore received by it from Byju's in view of a settlement. On August 2, the National Company Law Appellate Tribunal (NCLAT) had approved the Rs 158.9 crore dues settlement with the BCCI and set aside insolvency proceedings against Byju's, a move that will effectively put Byju Raveendran back in control of the firm.

Insolvency-quashing order: US lenders to Byju's file appeal in SC

Before the tribunal, Glas said founder Byju Raveendran and his brother used the money owed to lenders to clear the cricket board's dues

US judge refuses lender request to block edtech firm Byju's payment to BCCI

Expresses deep concern about being asked to interfere with proceedings in another country's judicial system

US Judge refuses to block Byju's payment to India's cricket board

US Bankruptcy Judge Brendan Shannon rejected a lender request to block Riju Ravindran, brother of Byju's founder

Byju Raveendran files caveat in SC after getting control of his firm

A caveat petition is a notice that certain actions may not be taken without informing the person who gave the notice

Byju Raveendran files caveat before SC against US-based creditor Glas Trust

Byju Raveendran has filed a caveat before the Supreme Court against its US-based creditor Glas Trust Company LLC over the order passed by the insolvency appellate tribunal NCLAT. The caveat was filed before the apex court on August 3, a day after the National Company Law Appellate Tribunal (NCLAT) passed an order restoring the board of edtech major after setting aside insolvency proceedings against it. Glas Trust has opposed the Rs 158.9 crore dues settlement with the Board of Control for Cricket in India (BCCI) alleging the money paid by Riju Raveendran (brother of Byju Raveendran) was tainted and was a case of "round-tripping". Anticipating the US-based creditor would challenge the NCLAT order before the Supreme Court, Byju Raveendran had filed a caveat requesting to be heard before the apex court passes any order on a plea filed by the US-based creditors. A Caveat application is filed by a litigant to ensure that no order is passed against them without being heard. Last Friday,

Byju's US lenders seek to block payment to BCCI, want their money first

Earlier this week, a judge in Delaware, where the main legal action against Byju's is taking place, ordered Ravindran to pay $10,000 a day until he helps locate the $533 million

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 ...