The 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.
Embattled edtech firm Byju’s did not siphon off funds or manipulated accounts, a year-long investigation by the government has found.
The National Company Law Tribunal (NCLT) on Wednesday issued notices to the parent company of Byju’s, Think and Learn Pvt Ltd, in three cases over non-payment of dues to operational creditors.
Embattled edtech platform Byju’s finally started disbursing salaries to its thousands of employees for the month of March after arranging an alternative line of credit.
The company intends to leave the centres starting next month. This comes after the company closed 50 centres in February.
The steering committee representing term-loan lenders of Byju's $1.2 billion loan on Friday said that a US judge has ordered to prohibit further movement or use of $533 million by the edtech company, which is owed to lenders.
In the email to staff, Byju Raveendran said that it was “business as usual” at the company.
Earlier in the day, sources said that key investors in Byju's will go ahead with the EGM for a vote to remove Raveendran as the company's CEO.
Edtech major Byju’s is reportedly seeking new funding at around $2 billion valuation, down from its top valuation of $22 billion in early 2022.
The meeting will also consider and approve the appointment of MSKA & Associates as statutory auditors of the company.
