BENGALURU/NEW DELHI :The insolvency of Indian education technology company Byju’s threatens to be the biggest upset in a celebrated startup sector, unleashing a long battle by thousands of panic-stricken employees to recover dues and protect their careers. Once a darling of global investors, valued at $22 billion in 2022, Byju’s became popular by offering online…
The sale of Blachford Lake Lodge through a year-long insolvency process is set to result in almost no repayment of any debt other than a partial payment to Prosper NWT. Documentation filed this month by BDO, the company overseeing the insolvency process, shows that a sale of the lodge and associated assets raised $1.2 million…
Arrowood Indemnity, the runoff entity for Royal Indemnity and Royal Globe (Royal), was declared insolvent by the Delaware commissioner of insurance on November 6, 2023. This action was taken through the filing of a complaint for entry of a liquidation and injunction order with a bar date. The commissioner has suggested a bar date of…
Customers of a Perth bridal shop have been left scrambling to find another wedding dress, losing thousands of dollars in deposits, after the owner announced the store’s sudden closure. The owner of North Perth boutique NOA Bridal announced to her brides on Tuesday she would “no longer be able to fulfil its obligation to deliver”…
Notably, the NCLAT had earlier closed insolvency proceedings against Byju’s after it accepted a settlement between the ed-tech firm and the Board of Control for Cricket in India (BCCI). Before the Supreme Court, the BCCI’s counsel too urged the Court to stay the CoC’s operations. “Let meeting of COC be deferred or stayed.. How can…
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…
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…
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…
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…
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)…