Byju's bank accounts frozen
NCLT has frozen Byju's bank accounts. A big blow not to Byju's, but to those waiting for salaries and payouts. This process usually takes petitions in court to resolve and isn't straightforward.
NewsAnchor
Byju's Insolvency Sparks Employee Fears Amid Legal Battles
- Byju's, once valued at $22 billion, faces insolvency, causing panic among employees.
- U.S. lenders seek $1 billion in unpaid dues, leading to a court battle and asset freeze.
- Employees, unpaid for months, consider protests and lawsuits to recover dues.
- India's Supreme Court declined Byju's request to halt the insolvency process.
- Founder Byju Raveendran assures staff of prompt salary payments once control is regained.
Source: Reuters
2mo ago
YaboiMarley
Not sure why employees still work there. It's a done game for Byjus. I will just take a risk and join a new company.
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