The founders of Byju’s have settled its Rs 158 crore payment arrears with the Indian cricket board, their counsel told the bankruptcy appellate tribunal Wednesday, as they sought to free the edtech firm from insolvency proceedings initiated on the sports body’s petition, the Economic Times of India reported. However, the Chennai bench of the National Company Law Appellate Tribunal (NCLAT) did not pass any order on Byju’s chief executive Byju Raveendran’s challenge to the insolvency proceedings, as a group of its U.S.

Byju’s is in talks to settle the dues it owes India’s cricket governing body, lawyers for both sides told a court Tuesday, raising the prospect that the online tutoring startup may resolve a key dispute and avert insolvency, Bloomberg News reported. Byju’s has “almost resolved” a dispute over unpaid fees to the Board of Control for Cricket in India and will pay “a certain tranche of the money” by this evening, Arun Kathpalia, a lawyer representing the edtech firm told the National Company Law Appellate Tribunal during a hearing.

Taking strong exception to slow action under the Insolvency & Bankruptcy Code (IBC), govt has started monitoring the top 20 cases, while also asking bank chiefs to closely follow the top 20 cases with their banks, the Times of India reported. This has led to movement in Jaiprakash Associates and Amtek Auto, where lenders were seen to be dragging their feet. "Banks have been citing delays in the tribunal, but we discovered that they were themselves to blame.

Another creditor of e-commerce delivery firm Dunzo has filed for insolvency proceedings against the company under the Insolvency and Bankruptcy Code (IBC), CNBCTV18.com reported. This time it is Invoice Discounters, which provided services such as asset management, hiring delivery staff, background checks, and merchandise, as outlined in a platform subscription agreement and master service agreement to Dunzo. The creditor claims Dunzo failed to pay them in full for these services, leading to the insolvency application.

Byju Raveendran has moved a fresh writ petition in the Karnataka high court, seeking suspension of the National Company Law Tribunal’s (NCLT) order which allowed the initiation of insolvency proceedings against Byju’s, the edtech startup he founded more than a decade back, the Times of India reported. This is the second plea Raveendran has moved in the court against the tribunal’s order.

India will not sign a global corporate tax deal focused on highly profitable multinational firms unless its concerns on dispute resolution and the treatment of withholding tax are addressed, a finance ministry official said on Thursday, Reuters reported. The so-called "Pillar 1" arrangement, part of a 2021 global two-part tax deal, aims to replace unilateral digital services taxes (DSTs) via a new mechanism to share taxing rights on multinational companies, such as U.S. tech giants Alphabet's Google and Amazon.com and Apple.

U.S. lawyers for units of the troubled Indian tech firm Byju’s want to quit defending their clients in a bankruptcy dispute, blaming “an irreparable breakdown” with the companies and a board member accused of lying in court to help hide $533 million from disgruntled lenders, Bloomberg News reported. In an unusual move, two law firms representing Riju Ravindran, brother of Byju’s founder, filed papers Friday in federal court in Wilmington, Delaware, claiming their clients have failed to cooperate in their own defense. Lawyers representing Byju’s ally William C.

The National Company Law Tribunal has directed to initiate insolvency proceedings against Supertech Township Projects on a plea filed by Punjab & Sind Bank over a default of Rs 216.92 crore. This is the third group firm of Ram Kishor Arora-led realty major Supertech to go through the Corporate Insolvency Resolution Process (CIRP), the Economic Times of India reported.

Byju Raveendran, an Indian mathematics whiz who soared from teacher to startup billionaire before his education-technology company imploded this year, now faces his biggest test, the Economic Times of India reported. The future of Raveendran's eponymous Byju's online coaching firm rests with India's courts after the county's biggest startup, once loved by global investors who valued it at $22 billion, crashed below $2 billion in valuation. The 44-year-old founder last week lost control of the company as a tribunal kick-started an insolvency process.

The Hyderabad bench of the National Company Law Tribunal (NCLT) has initiated corporate insolvency proceedings against GVK Power & Infrastructure (GPIL) in response to a petition by ICICI Bank and joined by five other banks seeking recovery of about Rs 18,000 crore of dues from the company, the Economic Times of India reported. ICICI Bank had petitioned the court in November 2020 to pursue the recovery of its $1.35 billion lent through its Dubai, Bahrain and Singapore branches along with 3 other lenders.