Insolvency Proceedings Will Force Thousands Of Employees To Quit: BYJU’S CEO

• Byju's, once valued at $22 billion, faces insolvency proceedings, likely forcing thousands of employees to quit and shutting down services.
• The company, backed by investors like Prosus and General Atlantic, has faced job cuts, valuation collapse, and investor disputes over corporate governance.
• An Indian tribunal triggered insolvency after a $19 million payment dispute with the cricket board, freezing Byju's assets and suspending its board.
• Vendors may default, leading to a total shutdown of Byju's online platforms, according to CEO Byju Raveendran's court appeal.
• Byju's, with 27,000 employees, became popular during the pandemic for online courses and in-person coaching; the court will hear the case on Monday.

Source: Reuters