RIJU RAVEENDRAN
Byju's insolvency: NCLAT sets aside BCCI and Riju Raveendran's plea for settlement
Appellate tribunal NCLAT has dismissed appeals from BCCI and Riju Raveendran over Byju's settlement, upholding the NCLT's order to consider the edtech platform's settlement offer with the Committee of Creditors. The core issue revolved around the timing of the settlement proposal relative to the CoC's formation.
US lenders’ consortium files lawsuit against Byju’s founder, others
Members of a lending consortium have sued Byju Raveendran, his wife Divya Gokulnath, and Anita Kishore, alleging they misappropriated $533 million from a $1.2 billion loan. The lawsuit follows a Delaware court ruling on fraudulent transfers, seeking damages and an accounting of funds, with additional legal actions in India underway.
Byju's legal battles: US court ruling, new RP and whistleblower claims
The US Bankruptcy Court found Byju’s suspended director, Riju Ravindran, founder Byju Raveendran, hedge fund Camshaft Capital Fund, and parent company Think & Learn guilty of defrauding Byju’s Alpha Inc and its lenders. Meanwhile, Raveendran accused EY, Glas Trust, and former resolution professional Pankaj Srivastava of fraud, while a new RP was appointed.
Byju Raveendran seeks probe into alleged EY-Glas Trust collusion
According to Raveendran, he and several employees of the bankrupt edtech firm received a document with conclusive evidence of criminal collusion between EY India, Glas Trust and the interim resolution professional Pankaj Srivastava. All of this comes after the National Company Law Tribunal (NCLT) on Monday approved the appointment of Shailendra Ajmera—another EY employee—as the new RP.
US court finds Byju Raveendran, Think & Learn, company directors guilty of fraud
As per the lenders' statement, the court confirmed that several fund transfers from Byju’s Alpha were fraudulent and constituted theft. It also ruled that Riju Ravindran breached his fiduciary duties as a director of Byju’s Alpha.
No stay on NCLT order for CoC vetting of BCCI-Byju’s deal
Ravindran moved the appellate tribunal to block the CoC from taking up an application filed by the Board of Control for Cricket in India (BCCI) for withdrawing its insolvency petition against Byju’s parent company, Think & Learn.
ETtech Explainer: Edtech company Byju’s legal woes take new turn
Just when things seemed to be going the way of the embattled edtech firm, a Supreme Court ruling in October last year overturning the NCLAT’s order to end the insolvency proceedings heralded fresh trouble for Byju’s.
Byju’s-BCCI settlement: SC sets aside NCLAT order on Rs 158-crore dispute
The apex court also overturned the order that closed the insolvency proceedings against Byju’s parent Think & Learn Pvt Ltd, following the settlement with BCCI. This provides relief to US lender Glas Trust Co. LLC, the trustee for lenders owed $1.2 billion, which had opposed the settlement and a halt to insolvency proceedings.
Supreme Court sets aside NCLAT ruling on Byju's settlement with BCCI
A bench headed by Chief Justice of India DY Chandrachud said there were procedural lapses in the settlement process, which happened without the approval of insolvency resolution professional Pankaj Srivastava who was appointed by the National Company Law Tribunal (NCLT) on July 16 to manage the company’s affairs.
SC questions NCLAT verdict approving settlement of BCCI claim of Rs 158.9 crore by Byju's
The bench, which will resume the hearing on Thursday, hinted that it send the case back to the insolvency appellate tribunal for fresh adjudication by applying its mind to the source of money.
Byju Raveendran vows to pay staff salaries once he regains control over accounts
According to the founder of the troubled edtech firm, loss of control over the company’s accounts following SC staying NCLAT’s decision has stopped the founders from infusing more capital to pay the salaries. On August 14, the Supreme Court stayed the National Company Law Appellate Tribunal’s (NCLAT) order that approved the settlement deal between Think & Learn Pvt Ltd, the parent company of Byju's, and the Board of Control for Cricket in India (BCCI).
Byju’s vs BCCI: SC stays NCLAT order that set aside insolvency case against edtech
Earlier, US-based Glas Trust, which represents some lenders of a Byju's group company, had filed an appeal before the Supreme Court challenging an earlier order that had quashed insolvency proceedings against Byju's.
Byju Raveendran files caveat before Supreme Court against creditor Glas Trust Company
Byju Raveendran submitted a caveat to the Supreme Court after an NCLAT decision restored the edtech firm’s board, despite Glas Trust’s opposition to a Rs 158.9 crore settlement with BCCI. The tribunal dismissed allegations from US creditors about fund mismanagement and approved the settlement, stating it met regulatory requirements.
Byju's averts insolvency proceedings as NCLAT allows settlement with BCCI
Byju's had signed a jersey sponsorship agreement with BCCI in March 2019 for three years, which was extended by a year. The company made the payments till September 2022 and the dispute is over the period from October 2022 to March 2023.
Facing insolvency, Byju's hit with new challenge from lenders
Byju's CEO Byju Raveendran wants the insolvency quashed as his cofounder brother decided to pay the cricket board, settling the matter. Raveendran has warned that insolvency would lead to "a total shut down of services" and could trigger an employee exodus.
Riju Ravindran to settle BCCI dues from personal funds: counsel
The NCLAT had asked Byju's counsel to give an undertaking on the source of the funds. Advocate Puneet Bali said funds from the settlement amount are those raised by Ravindran personally from "the sale and gains on the sale of shares". The NCLAT order is expected on August 2.
Investors move NCLT against Byju’s; file oppression, mismanagement lawsuit
A group of four investors of Byju's – led by Prosus – has sought the present management to be declared as unfit to run the company and appoint a new chief executive and change the board.
Byju’s EGM: Sharp noises, ‘phishing’ attack delay cloud investor-led meeting to oust CEO Raveendran
The EGM has been called by a group of investors who are seeking to remove founder Byju Raveendran, his wife and brother from the board. The investors have flagged concerns about the management's failure to enforce the company’s rights related to the acquisition of Aakash Institute.
Byju's shareholders to vote on resolution to ouster CEO, family on Friday
However, the outcome of the vote at the extraordinary general meeting (EGM) will not be applicable until March 13, when the Karnataka High Court will next hear Raveendran's plea challenging the move by certain investors.
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