The fortunes of Byju's appear to dwindling further and faster. In a recent development surrounding the embattled edutech company, former and current employees of the company have reportedly hired law firms to claim dues and unpaid salaries from the cash-strapped company.
Lawyers To Rescue?
The company was admitted to insolvency proceedings earlier in July. According to a report from Live Mint, with the scarcity of time on the horizon, former employees, primarily educators, have deployed lawyers to get their remaining due from the company.
The company has been in the news recently for all the wrong reasons. At the beginning of July, the National Company Law Tribunal (NCLT) appointed Pankaj Shrivastava to oversee the company's daily happenings. |
The company has been in the news recently for all the wrong reasons. At the beginning of July, the National Company Law Tribunal (NCLT) appointed Pankaj Shrivastava to oversee the company's daily happenings.
According to the publication's report, about 800 of Byju's employees have formulated a WhatsApp group. This step was taken under dire circumstances, as these individuals are exploring avenues to recover pecuniary compensation from the company.
The Falling Fortunes
Some of the law firms representing these educators include Bengaluru-based Canvas Legal, SSA Lawgistics, based out of the country's capital, Delhi.
It was in mid-July that the company founder lost control over the day-to-day activities of the struggling firm after defaulting on BCCI Payments. | Image credit: Wikipedia
These developments come just a day after the Byju's founder, Byju Raveendran's plea against the Insolvency of the company that he founded was adjourned NCLAT on Monday. This happened as one of the judges recused himself from the hearing.
It was in mid-July that the company founder lost control over the day-to-day activities of the struggling firm after defaulting on BCCI Payments.
The company's losses over the years have ballooned to insurmountable levels. In 2021–22, the company's losses zoomed to Rs 17,678 crore.
