BYJU’S Founders Blame IRP for Delayed BCCI Application
In a recent development in BYJU’s insolvency proceedings, the edtech giant’s founders have accused the former interim resolution professional (IRP) Pankaj Srivastava of delaying the submission of the Board of Control for Cricket in India (BCCI) settlement application. According to sources, if the submissions were made on time, BYJU’s could have emerged from insolvency by now.
The latest development comes as a major setback for BYJU’s, which is already grappling with financial issues and a struggling business model. The company, which was valued at over $10 billion just a few years ago, has been facing significant challenges in recent times. The delay in submitting the BCCI settlement application has further added to the company’s woes.
The IRP, Pankaj Srivastava, was suspended last year after allegations of misconduct and irregularities in his handling of the insolvency proceedings. Srivastava’s suspension was a major blow to BYJU’s, which had been relying on him to navigate the complex process of insolvency.
The founders of BYJU’s have now accused Srivastava of deliberately delaying the submission of the BCCI settlement application. According to sources, Srivastava had been dragging his feet on the application, which has resulted in significant delays and costs for the company.
The BCCI settlement application was a critical step in BYJU’s insolvency proceedings, as it would have allowed the company to emerge from insolvency and avoid a potential liquidation. However, the delay in submitting the application has now put the company’s future in jeopardy.
The founders of BYJU’s have also alleged that Srivastava had been working in his personal capacity, rather than as an employee of the IRP. This, they claim, has led to a conflict of interest and has resulted in significant financial losses for the company.
The allegations against Srivastava have been made in a petition filed by BYJU’s founders in the National Company Law Tribunal (NCLT). The petition alleges that Srivastava had been working in his personal capacity, rather than as an employee of the IRP, and had been using his position to further his own interests.
The petition also alleges that Srivastava had been involved in a number of illegal activities, including embezzlement and misappropriation of funds. The founders of BYJU’s are seeking an investigation into Srivastava’s actions and are demanding that he be held accountable for his alleged misconduct.
The latest development in BYJU’s insolvency proceedings has sent shockwaves through the business community, with many analysts expressing concern about the company’s future. The delay in submitting the BCCI settlement application has raised questions about the company’s ability to recover from its financial woes.
The situation is further complicated by the fact that BYJU’s is already facing significant competition in the edtech space. The company has been struggling to compete with other players in the market, and the delay in submitting the BCCI settlement application has only added to its woes.
In conclusion, the latest development in BYJU’s insolvency proceedings is a major setback for the company, which is already grappling with financial issues and a struggling business model. The founders of BYJU’s have accused the former IRP, Pankaj Srivastava, of delaying the submission of the BCCI settlement application, which has now put the company’s future in jeopardy.
The situation is further complicated by the fact that BYJU’s is already facing significant competition in the edtech space. The company’s ability to recover from its financial woes will depend on its ability to navigate the complex process of insolvency and emerge from it stronger and more resilient.
