Insolvency

The Supreme Court on Wednesday set aside National Company Law Appellate Tribunal's verdict that had stopped insolvency proceedings against embattled ed-tech firm Byju's.

Byju Raveendran, the founder of what was once India's biggest start-up, Byju's, said he overestimated the growth potential of his education-technology company which is now "worth zero" as it faces insolvency, but remains hopeful of rescuing it.

The Supreme Court has questioned whycrisis-hit ed-tech major Byju's chose to settle its dues only with the BCCI despite beingin Rs 15,000 crore debt.

The National Company Law Tribunal (NCLT) on Monday issued notice to debt-ridden air carrier SpiceJet over the plea filed by one of its operational creditors.

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.

The insolvency of education technology company Byju's threatens to be the biggest upset in a celebrated startup sector, unleashing a long battle by thousands of panic-stricken employees to recover dues and protect their careers.

The Supreme Court on Wednesday revived insolvency proceedings against Byju's by putting a previous tribunal order on hold, in a victory for US lenders that say they are owed $1 billion by the education technology company.

Corporate dispute tribunal NCLT has ordered initiating insolvency proceedings against Coffee Day Enterprises Ltd (CDEL), the parent company of Coffee Day Group which operates Cafe Coffee Day chain of coffee houses.

Insolvency proceedings against Byju's were quashed by an appeals tribunal on Friday in a big win for founder Byju Raveendran but a setback for US lenders that say they are owed $1 billion by the education start-up.

Education technology company Byju's is close to settling a $19 million payments dispute with the Indian cricket board, which could free the business from an insolvency process that has frozen the assets of what was once India's biggest startup, said

A judicial member of the National Company Law Appellate Tribunal (NCLAT), Chennai, on Monday recused himself from hearing a plea by Byju's Founder Byju Raveendran against the insolvency petition against his company, Think & Learn Private Ltd.

The government will add more tribunals of the NCLT to improve recovery of stressed assets, Finance Minister Nirmala Sitharaman while presenting the Union Budget for 2024-25 on Tuesday.

Insolvency proceedings against ed-tech giant Byju's, once India's biggest startup valued at $22 billion, will likely force thousands of employees to quit and result in a total shutdown of its services, its CEO said in a court filing seen by Reuters.

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.

Edtech company Byju's, which was once India's most valuable start-up worth an estimated USD 22 billion, will face insolvency proceedings for failure to pay Rs 158.9 crore to cricket board BCCI.

The Supreme Court on Wednesday set aside National Company Law Appellate Tribunal's verdict that had stopped insolvency proceedings against embattled ed-tech firm Byju's.

Byju Raveendran, the founder of what was once India's biggest start-up, Byju's, said he overestimated the growth potential of his education-technology company which is now "worth zero" as it faces insolvency, but remains hopeful of rescuing it.

The Supreme Court has questioned whycrisis-hit ed-tech major Byju's chose to settle its dues only with the BCCI despite beingin Rs 15,000 crore debt.

The National Company Law Tribunal (NCLT) on Monday issued notice to debt-ridden air carrier SpiceJet over the plea filed by one of its operational creditors.

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.

The insolvency of education technology company Byju's threatens to be the biggest upset in a celebrated startup sector, unleashing a long battle by thousands of panic-stricken employees to recover dues and protect their careers.

The Supreme Court on Wednesday revived insolvency proceedings against Byju's by putting a previous tribunal order on hold, in a victory for US lenders that say they are owed $1 billion by the education technology company.

Corporate dispute tribunal NCLT has ordered initiating insolvency proceedings against Coffee Day Enterprises Ltd (CDEL), the parent company of Coffee Day Group which operates Cafe Coffee Day chain of coffee houses.

Insolvency proceedings against Byju's were quashed by an appeals tribunal on Friday in a big win for founder Byju Raveendran but a setback for US lenders that say they are owed $1 billion by the education start-up.

Education technology company Byju's is close to settling a $19 million payments dispute with the Indian cricket board, which could free the business from an insolvency process that has frozen the assets of what was once India's biggest startup, said

A judicial member of the National Company Law Appellate Tribunal (NCLAT), Chennai, on Monday recused himself from hearing a plea by Byju's Founder Byju Raveendran against the insolvency petition against his company, Think & Learn Private Ltd.

The government will add more tribunals of the NCLT to improve recovery of stressed assets, Finance Minister Nirmala Sitharaman while presenting the Union Budget for 2024-25 on Tuesday.

Insolvency proceedings against ed-tech giant Byju's, once India's biggest startup valued at $22 billion, will likely force thousands of employees to quit and result in a total shutdown of its services, its CEO said in a court filing seen by Reuters.

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.

Edtech company Byju's, which was once India's most valuable start-up worth an estimated USD 22 billion, will face insolvency proceedings for failure to pay Rs 158.9 crore to cricket board BCCI.