Byju’s gets breather from insolvency process, promoters now back in control

Byju’s in a statement said, “The honourable presiding judge invoked Rule 11 of the NCLAT Rules, 2016 to return the control of Think & Learn Private Limited, the holding company of Byju’s, back to its promoters. The NCLAT rejected allegations made by certain US-based lenders that the source of the money being used to settle the BCCI dues was not transparent or trustworthy.”

While this is a breather for the company, it is still embroiled in many bankruptcy cases.

Welcoming the order, Byju Raveendran said, “Today’s NCLAT order is not just a legal victory, but a testament to the heroic efforts made by our Byju’s family in the last two years. Our founding team members have poured their hearts and souls, not to mention their entire savings, into this dream, often at great personal cost.”

He added, “Our trials and tribulations have only strengthened our resolve and sharpened our focus. Today, we stand not just stronger, but more united than ever.”