An EY-backed resolution professional (RP) has filed lawsuits at the National Company Law Tribunal (NCLT) claiming former Byju’s directors owe compensation to the company for fraudulent transfers of the company’s assets, according to people familiar with the matter.
The lawsuits invoke a provision under the Insolvency and Bankruptcy Code which provides legal recourse to reverse transactions undertaken by a company’s previous management.
Shailendra Ajmera, the RP of Think and Learn, which houses Byju’s ed tech business and is undergoing insolvency, has claimed in the lawsuits filed in late April that two separate sets of transactions were detrimental to the company. One of them resulted in a $533 million investment held by a US…