In a significant turn of events, India’s Supreme Court has struck down a tribunal order that would have allowed Byju’s, the country’s largest online tutoring platform, to settle its debts with a creditor. This decision firmly re-establishes the company’s trajectory towards insolvency and signifies a major setback for its founder, Byju Raveendran.
A High-Profile Setback for Byju’s
The…
In a candid revelation, Byju Raveendran, the founder of the once-mighty edtech company Byju’s, admitted that his startup, once valued at a staggering $22 billion, is now effectively worth “zero.” Speaking to reporters on Thursday, Raveendran took responsibility for the company’s decline, acknowledging a series of missteps that led to its current state.
Raveendran’s aggressive strategy to…
BYJU’S insolvency resolution professional (IRP), Pankaj Srivastava, has removed Glas Trust Co, a consortium of US-based lenders, from the committee of creditors (CoC) overseeing the troubled edtech startup’s bankruptcy proceedings. This decision came after Srivastava determined that Glas Trust did not meet the minimum 51% threshold of lenders required in the $1.2 billion Term Loan B (TLB)…
Byju’s, India’s leading tech giant once valued at $22 billion, is navigating turbulent waters as it appeals against insolvency proceedings initiated by the Board of Control for Cricket in India (BCCI). The National Company Law Appellate Tribunal (NCLAT) in Chennai is scheduled to hear Byju’s appeal on July 29, marking a critical juncture in the company’s ongoing struggle to address…
