glas trust company

Byju Raveendran, the founder of failed edtech firm Byju’s, has been handed a six-month jail sentence by a Singapore court in a contempt case, as per a Bloomberg report.

Edtech giant Byju's founder Byju Raveendran received a six-month prison sentence in Singapore for contempt of court over asset disclosure non-compliance. This latest setback adds to the company's mounting legal woes, including fund diversion allegations and creditor claims, marking a significant downfall for the once-celebrated startup.

Byju's founders refute allegations by GLAS Trust, claiming a conspiracy to seize control. They assert the accusations are baseless and part of a smear campaign. Byju Raveendran filed a case in India against GLAS and EY employees. GLAS Trust counters, accusing Byju's of evading accountability after a US court ruling.

Byju’s interim resolution professional Pankaj Shrivastava has convened a committee of creditors meeting to vote on a permanent resolution professional. glas trust company, holding 99.41% voting rights, can pass its preferred nominee. Previous resolution decisions were criticized by NCLT, leading to potential disciplinary action and Misconduct investigation, amid insolvency proceedings involving dues owed to BCCI.

Byju's insolvency case has taken a contentious turn as US lenders and resolution professional Pankaj Srivastava clash. Srivastava removed glas trust company from the committee of creditors, admitting their claim as a contingent liability. Legal proceedings in India and the US are ongoing regarding the validity of Byju's term loan acceleration.

Byju Raveendran has filed a criminal complaint against Pankaj Srivastava, the former resolution professional, Glas Trust, and EY employees, alleging a conspiracy against BYJU'S. This action follows a whistleblower's claims that EY collaborated with Glas Trust during insolvency proceedings. Raveendran accuses them of favoring lenders over the company's restructuring. The dispute stems from Byju's failure to repay a $1.

Byju's founder Byju Raveendran is preparing to file a $2.5 billion damages claim in a US court, presenting new evidence to counter allegations of diverting $533 million in 'alpha funds'. He contests a recent $1 billion default ruling, asserting the funds were accounted for and used for acquisitions. Raveendran seeks to correct the court's premature damages determination.

A US court dismissed a plea by Byju’s foreign lenders to obstruct a settlement between the startup and BCCI, upheld by an Indian court. The Delaware Bankruptcy Court avoided interfering with another country's legal system, affirming the Indian court’s resolution of a Rs 159 crore dispute. Founder Byju Raveendran's brother cleared BCCI’s dues using personal funds.

The Supreme Court has annulled Byju's Rs 158 crore settlement with the BCCI for sponsorship dues of the Indian cricket team, citing the payment's dubious source. The court ordered the amount to be kept in an escrow account managed by the Committee of Creditors until further orders, overriding the NCLAT's earlier approval of the settlement.

The National Company Law Appellate Tribunal (NCLAT) has dismissed attempts to halt insolvency proceedings against Byju's without creditor approval, reinforcing the authority of the Committee of Creditors (CoC). NCLAT upheld that any settlement proposal after CoC formation requires 90% creditor consent, as per the Insolvency and Bankruptcy Code.

Glas Trust's lawyer alleged in US bankruptcy court that Byju Raveendran discussed unofficial payments with Indian officials regarding regulatory penalties. Byju's founders deny the claims and plan legal action against involved parties in the US case, seeking damages of at least $2.5 billion. This follows a notice to Byju's for alleged FEMA violations.