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'If we were sitting on $533 million, this would not be the situation, right? We would have been fighting in the courts. We would have thrown money at lawyers,' Byju's co-founder Divya Gokulnath said.
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Once India’s most valued startup, BYJU’S has faced a dramatic fall from its peak valuation of $22 billion in 2022, brought down by mounting debt, regulatory scrutiny, and failed global expansion plans.
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Once a favorite among global investors and valued at $22 billion in 2022, Byju's is now embroiled in a legal dispute with lenders over $1 billion in unpaid debts in both the US and India courts.
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Raveendran also alleged that he, along with several of his employees, has received a document with “conclusive evidence” of criminal collusion between EY India, US-based lender GLAS Trust, and the interim resolution professional (IRP)
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Byju's suspended Director Riju Raveendran had sought to keep his Rs 158 crore settlement with the Board of Control for Cricket in India (BCCI) outside the purview of its Committee of Creditors (CoC), in a bid to evade insolvency
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Byju’s manager Vinay Ravindra and company ally Rajendran Vellapalath failed to answer questions about their roles in stripping software, cash and other assets from Byju’s US businesses that are under court supervision, a federal judge in Delaware found.
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Registrar of Companies in Hyderabad has been asked to investigate Byju’s books to ascertain if the company misreported financial statements and whether funds were siphoned off, people said, asking not to be identified.
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Raveendran reiterated a job offer with a $500,000 salary if Hailer would immediately come to Dubai and start working, Hailer told US Bankruptcy Judge John T. Dorsey during the hearing in Wilmington, Delaware.
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Raveendran allegedly recruited Hailer, who is a former political consultant, to try to buy out US creditors owed more than $1.2 billion under a loan, according to the filing with the US Bankruptcy Court in Delaware.
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The Supreme Court found that the NCLAT's approval of the settlement violated key procedures under the Insolvency and Bankruptcy Code
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The Reddit community highlighted several concerns regarding Raveendran’s leadership. One user remarked, 'He scams families of their savings under the pretext of education,' while another stated, 'He screwed everyone whom he hired… he spoiled the Indian startup reputation abroad.'
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As a judge in Delaware court prepared to review the lenders' fraudulent transfer claims against Byju's, the founder presented his first court explanation regarding the whereabouts of the money that lenders have been attempting to trace for over a year.
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The founder of Think and Learn (TLPL) and owner of BYJU'S brand, Byju Raveendran, had about a week ago said that verified debt on the company is only Rs 20 crore as per insolvency proceedings and he may not have to pay any money to the US lenders represented by Glas Trust.
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In an email to employees, Raveendran explained that a temporary stay by the Supreme Court on bankruptcy case has hindered the company’s ability to access funds
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The NCLAT order led to Byju Raveendran getting back the control of the edtech startup. Expecting a challenge, he has already filed a plea in the court requesting he be heard before deciding the matter
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The plea was filed on August 3, a day after the NCLAT accepted the settlement between Raveendran and Board of Control for Cricket in India (BCCI). The US based lenders of Byju's had objected to the settlement alleging that it was 'tainted' and Raveendran was using money 'stolen' from them to settle with BCCI.
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The appellate tribunal noted that the settlement is being arrived before the Committee of Creditors (CoC) could have been constituted and considering that the source of the money (for settlement) is not in dispute, it did not have any reason to keep the company in insolvency process.
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The tribunal is expected to rule on the settlement between Raveendran and BCCI on August 2 and the stay is intended 'to protect the interest of all the parties' till an order is passed.
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The HC said "Having regard to undisputed fact that appeal is filed before NCLAT and it has been taken up for consideration today and kept for hearing tomorrow. Petition is disposed off with liberty to revive the petition if occasion arises."
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The case will now be placed before NCLAT chairperson Justice (retd) Ashok Bhushan who will take a call on the course of action
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Raveendran has sought the suspension of the NCLT order that initiated bankruptcy proceedings against Byju's on BCCI's plea over non-payment of Rs 158 crore
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On July 16, NCLT admitted Byju’s parent Think and Learn to the insolvency resolution process on BCCI's plea over non-payment of Rs 158 crore.
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Tricky questions could surface over the next few months with embattled edtech company Byju’s, once India’s hottest startup with a $22-billion valuation, entering the insolvency process.
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Earlier on July 16, NCLT admitted Byju's parent Think and Learn to insolvency resolution process in a plea filed by BCCi
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The Chief Justice of the HC indicated that he will dictate the order in his chambers.
