CosmicTaco

Byju's Faces Insolvency Crisis

CosmicTaco · 2024-09-03T10:09:48.098770+05:30

- **Byju's** US lenders have approached the National Company Law Tribunal to remove Pankaj Srivastava as the interim resolution professional. - The Supreme Court's stay on a previous order has revived insolvency proceedings against Byju's. - Lenders allege Srivastava failed to comply with the Insolvency and Bankruptcy Code 2016, delaying the first meeting of the committee of creditors. - They seek to replace Srivastava with Shailendra Ajmera, citing breaches of statutory duties. - The application was filed by Glas Trust Company, representing the term loan lenders.

Byju's US lenders have approached the National Company Law Tribunal to remove Pankaj Srivastava as the interim resolution professional.
The Supreme Court's stay on a previous order has revived insolvency proceedings against Byju's.
Lenders allege Srivastava failed to comply with the Insolvency and Bankruptcy Code 2016, delaying the first meeting of the committee of creditors.
They seek to replace Srivastava with Shailendra Ajmera, citing breaches of statutory duties.
The application was filed by Glas Trust Company, representing the term loan lenders.