The Supreme Court on Thursday (August 22) refused to stay the meeting of the Committee of Creditors formed by the Resolution Professional in relation to the insolvency resolution of ed-tech firm Byju’s. Although Senior Advocate Dr Abhishek Manu Singhvi (for Byjus) and Solicitor General of India Tushar Mehta (for the BCCI) made fervent and repeated…
GVK Power and Infrastructure Ltd (GVKPIL) will face insolvency proceedings for failure to pay loans to lenders, a corporate insolvency court has said. The Hyderabad bench of National Company Law Tribunal (NCLT) issued the order on a petition of lenders’ group led by ICICI Bank Ltd, GVKPIL said in a stock exchange filing. The loan…
Scottish specialist accounting, tax, and audit firm Wbg has advised shareholders planning on using business asset disposal relief (BADR) through a members voluntary liquidation (MVL) process to consider acting sooner rather than later. The advice follows figures from the Office for National Statistics (ONS) showing that UK government borrowing hit a higher than expected £3.1…
The swift demise of cryptocurrency exchange FTX in 2022 had damaging domino effects on the cryptocurrency industry, stoking widespread mistrust among the public and toppling cryptocurrency services that did business with it. At the time, FTX was the third-largest crypto exchange. Learn more about what went wrong with FTX, including the role and trial outcome…
A fall in the number of monthly company insolvencies in England and Wales reflects an improvement in local trading conditions, with a growing quantity of struggling businesses able to be rescued rather than closed down. This is according to the Midlands branch of insolvency and restructuring body R3 and follows latest monthly statistics published by…
Challenges continue to mount for Byju’s, once celebrated as the posterboy of India’s growing startup ecosystem, as its employees are now considering legal action as they struggle to receive their salaries. The insolvency crisis at ed-tech giant Byju’s has sparked widespread concern among its employees, reported news agency Reuters. The report highlights the growing desperation…
Three states faced questioning from a federal appeals court Wednesday about their standing to challenge the Biden administration’s student loan debt forgiveness program, while the US Education Department was pressed on the impact of a separate circuit ruling temporarily halting the program. Texas Solicitor General Aaron L. Nielson said that Texas, Alaska, and South Carolina…
Challenges continue to mount for Byju’s, once celebrated as the posterboy of India’s growing startup ecosystem, as its employees are now considering legal action as they struggle to receive their salaries. The insolvency crisis at ed-tech giant Byju’s has sparked widespread concern among its employees, reported news agency Reuters. The report highlights the growing desperation…
A bill that grants nonprofit financial counseling agencies a one-time adjustment to their fee schedule so they may continue to provide debt management and settlement services to Californians was signed into law by Governor Gavin Newsom this week. Senate Bill 985, authored by Senator Rosilicie Ochoa Bogh (R-Yucaipa), would specifically provide as a criteria for…
Dozens of Byju’s employees and parents of students are showing a growing sense of desperation as people plan to take the offensive against the troubled edtech company whose board currently stands suspended with assets frozen, Reuters reported. Byju’s crisis: BYJU’S owner Byju Raveendran photo is seen on his company web page in this illustration. (Reuters)…