Articles for tag: Bankruptcy, Byjus, Conflicting, Creditor, Disputes, Faces, Igniting, India, insolvency, Ongoing, Proceedings, Ruling, Shocking, U.S

September 14, 2024

Byju’s faces a shocking bankruptcy ruling in the U.S., conflicting with ongoing insolvency proceedings in India, igniting creditor disputes.

Byju’s, the Indian ed-tech giant, faces a surprising US court ruling that placed its subsidiaries into involuntary Chapter 11 bankruptcy due to non-compliance with creditor demands. This decision impacts companies like Neuron Fuel Inc. and Epic! Creations Inc., conflicting with ongoing insolvency proceedings in India. Byju’s Interim Resolution Professional, Pankaj Srivastava, is seeking to halt ...

September 13, 2024

Market News

Business

Adani Group denies involvement in Swiss court proceedings amid allegations of frozen funds linked to money laundering investigations.

The Adani Group has firmly stated that it is not involved in any Swiss court proceedings, following claims by Hindenburg Research. The U.S.-based firm suggested that Swiss authorities had frozen over $310 million of Adani’s assets related to a money laundering and securities forgery investigation. This assertion was supported by Swiss court records detailing investments ...

September 7, 2024

Market News

Business

Byju’s defies auditor BDO’s resignation, alleging unethical demands for backdated reports amid ongoing insolvency proceedings. Tensions escalate dramatically.

Byju’s, the troubled edtech company, has responded to the resignation of its auditor BDO, claiming that BDO made unethical requests, including asking to backdate reports. Byju’s insists it complied with all legal requests but refused to engage in any illegal activities. They also argued that BDO’s resignation came after the 45-day deadline for additional information, ...

September 6, 2024

Market News

Business

Supreme Court delays insolvency proceedings against Byju’s amid disputes over a ₹158.9 crore settlement with BCCI, fueling financial drama.

The Supreme Court has agreed to hear an appeal from Glas Trust Company LLC, a US creditor, regarding a recent NCLAT judgment that paused insolvency proceedings against Byju’s, the prominent ed-tech firm. This decision comes after NCLAT approved a Rs 158.9 crore settlement with the BCCI over outstanding sponsorship payments. Byju’s lawyers argue the petition ...