Diabytes
Edtech Firm News
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Byju’s Insolvency Case: The NCLAT order came with a rider that in case of failure of timely payment of the dues on the specific dates submitted in the undertaking, the insolvency proceedings would be revived automatically.
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The Edtech firm is currently facing multiple challenges, including insolvency proceedings and a 1 billion dollar claim from US-based Glas Trust.
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In an email to employees, Byju Raveendran expressed that each legal hurdle has prolonged the company’s journey toward recovery.
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The Ministry added that proceedings under the Companies Act, 2013, initiated by the MCA are still ongoing and no conclusions should be drawn at this stage.
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