corporate insolvency resolution process

The Karnataka High Court has issued an interim order in the Byju's case. It directs the Resolution Professional to preserve all email communications between stakeholders. These emails are crucial for the corporate insolvency resolution process or any potential investigation. Byju Ravindran, a promoter, filed the petition. The court has adjourned the hearing to April 21, 2025, for further consideration.

IL&FS has requested more time from NCLAT to resolve 57 ongoing cases among its subsidiaries, having already resolved 197 of 302 entities. So far, Rs 45,000 crore has been recovered out of Rs 99,000 crore owed, with an increased recovery target of Rs 61,000 crore. The process faces hurdles including government delays and lender actions.

Byju Raveendran has filed a criminal complaint against Pankaj Srivastava, the former resolution professional, Glas Trust, and EY employees, alleging a conspiracy against BYJU'S. This action follows a whistleblower's claims that EY collaborated with Glas Trust during insolvency proceedings. Raveendran accuses them of favoring lenders over the company's restructuring. The dispute stems from Byju's failure to repay a $1.

Byju's founders refute allegations by GLAS Trust, claiming a conspiracy to seize control. They assert the accusations are baseless and part of a smear campaign. Byju Raveendran filed a case in India against GLAS and EY employees. GLAS Trust counters, accusing Byju's of evading accountability after a US court ruling.