CosmicTaco

Byju's Insolvency Sparks Employee Fears Amid Legal Battles

CosmicTaco · 2024-08-22T18:42:11.819886+05:30

- 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](https://www.reuters.com/world/india/indian-ed-tech-giant-byjus-insolvency-case-fans-fears-employees-2024-08-22/)

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