Byju’s RP’s suit claims directors owe compensation to company under IBC laws

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An EY-backed resolution professional (RP) has filed lawsuits at the National Company Law Tribunal (NCLT) claiming former Byju’s directors owe compensation to the company for fraudulent transfers of the company’s assets, according to people familiar with the matter.

The lawsuits invoke a provision under the Insolvency and Bankruptcy Code which provides legal recourse to reverse transactions undertaken by a company’s previous management.

Shailendra Ajmera, the RP of Think and Learn, which houses Byju’s ed tech business and is undergoing…



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Byju’s RP’s suit claims directors owe compensation to company under IBC laws


An EY-backed resolution professional (RP) has filed lawsuits at the National Company Law Tribunal (NCLT) claiming former Byju’s directors owe compensation to the company for fraudulent transfers of the company’s assets, according to people familiar with the matter.

The lawsuits invoke a provision under the Insolvency and Bankruptcy Code which provides legal recourse to reverse transactions undertaken by a company’s previous management.

Shailendra Ajmera, the RP of Think and Learn, which houses Byju’s ed tech business and is undergoing…



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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