Byju Raveendran, the founder of edtech company Byju's, has filed a plea against the initiation of insolvency proceedings against Think & Learn. However, the matter has been adjourned as one of the members of the National Company Law Appellate Tribunal (NCLAT) bench recused themselves from the hearing. The matter will now be heard by a different bench headed by NCLAT Chairman Justice Ashok Bhushan.
Byju's Insolvency Proceedings Halted by NCLAT
Background
Byju's, India's leading edtech company, has been facing insolvency proceedings initiated by Aakash Educational Services (AES). AES claimed that Byju's owed it Rs. 1,000 crore as part of the deal for AES's acquisition in 2021.
Byju's disputed the claim, arguing that it had paid AES the amount in full. The National Company Law Tribunal (NCLT) in Bengaluru admitted the insolvency petition, appointing an interim resolution professional (IRP) for Byju's subsidiary, Think & Learn.
Court Proceedings
Byju's founder, Byju Raveendran, filed an appeal against the insolvency proceedings with the National Company Law Appellate Tribunal (NCLAT). On February 3, 2023, the NCLAT hearing was adjourned as one of the members of the bench recused themselves. The matter will now be heard by a different bench headed by NCLAT Chairman Justice Ashok Bhushan.
Related Developments
Top 5 FAQs and Answers
Q1: What is the status of the insolvency proceedings against Byju's? A: The proceedings have been adjourned by NCLAT, and a different bench will hear the matter.
Q2: What is Byju's's argument against the insolvency petition? A: Byju's claims that it has paid AES the full amount owed.
Q3: What is the next step in the legal process? A: The NCLAT will hear Byju's's appeal and issue a decision.
Q4: What impact could the insolvency proceedings have on Byju's operations? A: If the proceedings are allowed, it could lead to a restructuring of the company or even a sale of its assets.
Q5: What is the significance of the WhiteHat Jr. insolvency proceedings? A: The WhiteHat Jr. proceedings indicate that Byju's's financial challenges may be more widespread than initially thought.
Zomato's board of directors has approved a plan to raise Rs 8,500 crore through equity shares, following its impressive Q2FY25 earnings report. Analysts have shown strong confidence in the food delivery company's future, with leading brokerages raising their price targets and recommending a "Buy" stance. While some have maintained a more conservative outlook, the overall sentiment points towards growing market confidence in Zomato's ability to thrive in the competitive food delivery landscape.
A recent survey revealed that a lack of recognition, rude managers, and outdated technology are the top demotivators for office staff. In response, Brother UK has launched the Fabulous Feedback Formula, a tool designed to help workers give tactful feedback in difficult situations. The research highlights the important role managers play in creating a positive work environment, making this tool a valuable resource for all levels of employees.
Union Bank of India and Zoho have collaborated to develop CRM Edge, a cutting-edge customer engagement platform that has revolutionized the bank's digital transformation journey. With its innovative features such as eKYC and automated workflows, the platform has significantly improved customer acquisition, retention, and satisfaction, aligning with the bank's growth plans. The successful partnership between the two organizations has set a new standard in the realm of digital banking.
In a major turnaround, the Supreme Court has overturned the National Company Law Appellate Tribunal's verdict that had put a hold on insolvency proceedings against ed-tech company Byju's. The apex court also reversed the NCLAT's order approving Byju's settlement of Rs 158.9 crore with the Board of Control for Cricket in India (BCCI). The decision came after US firm Glas Trust Company LLC appealed against the NCLAT's order, with the apex court stating that the tribunal didn't apply its mind while closing the insolvency proceedings against Byju's. The verdict marks a major setback for Byju's, which had received a brief reprieve after the NCLAT's ruling in its favor.
The Minister of Communication, Shri Jyotiraditya M Scindia, unveiled the new logo of state-run telecom BSNL, which represents the company's mission to connect India securely, affordably, and reliably. Along with the new logo, BSNL also launched seven new initiatives, including automatic spam blocking, free wi-fi, and low-latency 5G, all designed to cater to the needs of the Indian population. This event marks BSNL's commitment to connecting every citizen of Bharat and empowering them with advanced communication services.
RediffGurus, a prestigious research center, has revealed that Harshil Agrotech Ltd. has shown remarkable progress in the past 15 days, according to the latest data from Rediff.com. This news has sparked excitement in the business world, with predictions of a promising future for the company. Investors and experts are keeping a close eye on Harshil Agrotech Ltd. as it continues to establish itself as a top player in the market, with a potential of great financial returns in the near future.
A meeting involving Air India and Vistara was held this Tuesday evening, with the Union Ministry of Electronics and Information Technology reprimanding social media platform X for circulating bomb threat hoaxes. The ministry also advised social media platforms to use AI-based mechanisms to block any accounts sending out bulk messages about bombs. Over the past eight days, more than 170 flights operated by Indian carriers have received bomb threats, prompting authorities to urge social media platforms to take immediate action.
In a session marked by selling pressure in financial, auto, and FMCG shares, the Nifty50 and Sensex closed lower, with the Sensex down 0.3% and Nifty50 down 0.1%. The market saw only brief moves above the flatline, with the Nifty50 moving within the 24,900-25,000 range. The top losers in the Nifty50 basket included M&M, ICICI Bank, Cipla, Adani Enterprises, and Maruti Suzuki, while top gainers included Trent, Hindalco, HCLTech, Tech Mahindra, ONGC, and JSW Steel. Despite the overall weak market trend, midcap and smallcap shares bucked the trend, with gains of 0.5% each in the Nifty Midcap and Nifty Smallcap indices. Keep up with the latest stock market updates and all other business news on Zeebiz.com.
Despite a much-anticipated IPO, Hyundai Motor India's shares debuted below the expected price, causing disappointment among investors. However, the company has announced plans to expand into the lucrative electric vehicle market in India and modernize its plant in Tamil Nadu with an investment of Rs 1,500 crores. This move comes as the company aims to establish itself as a leader in the Indian automobile industry and cater to the increasing demand for environmentally friendly vehicles.
Ahead of the much-anticipated listing of Hyundai Motor India, global brokerages have initiated their coverage on the stock. They believe the company's technology and style, along with favorable market conditions, will drive high-quality growth. With an outperform rating and target prices ranging from Rs 2,225 to Rs 2,472, the stock is expected to see a strong debut on the bourses. Additionally, market experts recommend keeping a close watch on Hyundai's parent capabilities and new model launches, which could further drive the company's market share and stock performance. Get all the latest stock market updates and expert opinions on Zeebiz.com.