Byju's may challenge NCLT's insolvency proceedings order against its parent

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Byju's may challenge NCLT's insolvency proceedings order against its parent - Business Standard

Quick Summary:

However, if there is no settlement with the petitioner, then withdrawal can happen only once the same is approved by 90 per cent of the CoC.“Byju has the option of appeal against the order of the NCLT Bench and seek a stay of the order.

So even if Byju’s settles with one particular creditor and this petition is not proceeded with, yet there will be other creditors who can file against Byju’s to restart the CIRP,” Damkewala added.

For creditors and employees who have been fighting with the company to get their investments and salaries paid, it could still be a wait-and-watch mode.“Byju’s has also not paid salaries as has been reported.