Byju's will be closed due to bankruptcy proceedings, Ravindran told HC, willingness to pay dues in 90 days

From being the most-valued startup, it is now staring at the threat of complete closure. Founder and CEO of edtech company Byju Ravindran has expressed apprehension of Byju's closure in a petition filed in the Karnataka High Court. The National Company Law Tribunal allowed initiation of bankruptcy proceedings against Byju on the petition of Board of Control for Cricket in India over non-payment of Rs 158.9 crore.

Ravindran has challenged it in the Karnataka High Court. It had mentioned if insolvency proceedings go-on, then thousands of employees working for the company would be compelled to leave their jobs. It would totally shut the services of ed-tech company. Because of the bankruptcy proceedings, the vendor providing services to Byju's for maintaining the online platform will also have to be declared defaulter. The whole operation will come to a halt,\" said MZM Legal, the counsel of Ravindran in its 452-page petition. Byju's assets have been attached since the beginning of bankruptcy proceedings. Its board has also been suspended. Byju's currently has 27 thousand employees in which includes 16,000 teachers. The single bench of Justice Saroj Bhat of the Karnataka High Court is hearing this case on Monday. Ravindran expressed his desire to make the full payment within 90 days.