Byju’s is an edtech firm Think and Learn, which has been in the news for the past several days. Byju’s is repeatedly facing problems in paying salaries to the company’s employees. The company’s employees have not been paid the salary for July. The company was unable to access its accounts due to the temporary stay given by the Supreme Court on the decision of the National Company Law Appellate Tribunal (NCLAT). This information has been given by the company’s owner Byju Ravindran.
This comes after the NCLAT approved a settlement of Rs 158.9 crore dues with the BCCI and cancelled bankruptcy proceedings against Byju’s on August 2. However, on August 14, the Supreme Court had stayed the Insolvency Appellate Tribunal’s decision quashing bankruptcy proceedings against the company based on a plea by US-based creditor Glass Trust Company LLC.
Byju Ravindran said in an email to employees that every legal hurdle has prolonged the company’s long journey of recovery. He wrote, “The biggest concern for you and me is that the salary for July 2024 has not yet been credited to your account.”
“Our company recently faced a serious challenge which led to us being declared bankrupt due to a dispute with the BCCI. We settled the matter and were on the verge of regaining control of our finances after the NCLAT ruled in our favour. The Supreme Court has put a temporary stay on the NCLAT order, which means we have not yet regained control of the company’s accounts,” he said. He added that some foreign lenders are suing the company and they have appealed in the Supreme Court against the NCLAT order.
He added, “The founders are unable to raise more capital to pay salaries, as we have always done over the last several months. I guarantee this: once we regain control, your salary will be paid immediately, even if it means taking on more personal debt. This is not just a promise – it is a commitment. We have investors ready to support our turnaround story.”
