A Division Bench of the Karnataka High Court on Friday directed Byju’s to maintain status quo while the National Company Law Tribunal (NCLT) at Bengaluru reconsiders the question of whether the ed-tech firm should be restrained from proceeding with a second rights issue.
On Thursday(28th June),The Karnataka High Court reserved its decision on a petition challenging the NCLT’s interim order that restrained Byju’s from a second rights issue, with the final order due on July 2. Justice SR Krishna Kumar clarified that the hearing focused on the validity of the NCLT’s order, not the cross-allegations between Byju’s and its investors.
Glas Trust LLC, a foreign creditor, seeks to prevent Byju’s from transferring shares due to loan default. NCLT grants time for response, schedules June 10 hearing. Byju’s founder’s loan raises concerns. Byju’s seeks extension to settle debts with lenders and service providers, NCLT grants time until June 26, with insolvency hearing if unsuccessful.
Yesterday, On 9th May, The Jet Airways lenders are dissatisfied with the resolution plan, citing concerns about its effectiveness. The National Company Law Appellate Tribunal’s decision to transfer ownership to the successful bidder, Jalan Kalrock Consortium (JKC), within 90 days has incurred objections. JKC’s ability to fulfill financial obligations and revive the airline is under scrutiny amidst legal disputes.
The Supreme Court has raised concerns about using NCLT orders from its website as certified copies for appeals at NCLAT. This has led to a notice being issued, and the Insolvency and Bankruptcy Board of India (IBBI) has been asked to review the process. The involvement of Senior Advocate Ritin Rai’s team adds weight to the appellants’ case.
Today,22nd April, The Supreme Court issued notice to Jet Airways and the Jalan Kalrock Consortium following a petition by the State Bank of India challenging the NCLAT’s decision regarding the airline’s ownership transfer. The case reflects complex legal and financial dilemmas in India’s aviation sector. The SBI cited outstanding payments and non-compliance with NCLAT’s orders, emphasizing the intricate nature of the proceedings.
The NCLT Bengaluru bench Today(on April 3rd), issued a split decision on Byju’s investor plea, potentially leading to a third member’s involvement. The case concerns Byju’s EGM and rights issue, challenged by four investors alleging mismanagement and transparency issues. Byju’s is restrained from utilizing funds raised until the dispute is resolved, affecting salary disbursements.
Today, a lending company based in the US alleged that Byju’s had failed to make payments totaling more than Rs 8,000 crore. National Company Law Tribunal (NCLT) in Bengaluru issued a notice regarding a petition filed by international lender Glas Trust LLC. The petition seeks the commencement of insolvency proceedings against Think & Learn Pvt Ltd, the parent entity of the educational technology startup Byju’s.
The Gujarat High Court addressed the NCLT’s ban on electronic devices during hearings. After a lawyer contested the ban, the court directed NCLT to allow the use of electronic devices, emphasizing maintaining decorum while ensuring practicality. The court cited the need for reasonable restrictions that do not disrupt court proceedings, in line with Supreme Court orders.
Betterplace Safety Solutions has taken legal action against Dunzo Digital over unpaid dues, initiating proceedings at the National Company Law Tribunal (NCLT) in Bengaluru. Dunzo, a local quick-grocery delivery provider, has reportedly accumulated outstanding vendor debts totaling approximately Rs 11.4 crore, according to recent reports. The legal action follows Dunzo’s receipt of notices from multiple […]