look news india
Byju's challenges NCLT bankruptcy order: NCLT ordered the Board of Control for Cricket in India (BCCI) to pay Rs. It has decided to initiate bankruptcy proceedings against online education startup Byjus for failing to pay Rs 158.9 crore. The former management of the startup has challenged this decision in NCLAT. NCLAT is expected to hear the appeal on July 22. Byju's was the highest valued startup in India at the time of the Corona epidemic. Its parent company is Think and Learn Private Limited.
Byjus sponsored the Indian cricket team. Under which it failed to pay Rs. 158 crore sponsorship to BCCI. Senior advocate Abhishek Manu Singhvi, representing Byjus, said, “The company is financially viable with thousands of employees. It will pay Rs. 158 crore in one installment within a month.” Singhvi appealed to NCLAT for a hearing on July 18 or 19. But the hearing is likely to take place next week.
NCLT has suspended the old board of Byjus
The Bengaluru bench of the National Company Law Tribunal on July 16 approved insolvency proceedings against Byjus' parent company Think and Learn and appointed an interim resolution professional. The NCLT has also suspended the company's board and seized its assets. The NCLT has ordered that Byju Raveendran, founder and CEO of Byjus, will report to IRP Pankaj Srivastava.