The Insolvency and Bankruptcy Board of India (IBBI) is seeking top institutions to offer postgraduate programs in insolvency resolution, aiming to address a shortage of qualified professionals in the country. The move is expected to expedite the resolution of distressed companies and improve the efficiency of the bankruptcy process.
Byju Raveendran, founder of the once highly valued ed-tech giant Byju’s, faces a major setback as the company undergoes insolvency proceedings. The company’s valuation has plummeted from USD 22 billion to under USD 2 billion, and Raveendran faces allegations of financial mismanagement and compliance issues. This marks a dramatic fall from grace for the startup billionaire who once soared to success in the education technology sector.
India’s edtech giant Byju’s, facing financial struggles, will challenge insolvency proceedings initiated by the Board of Control for Cricket in India (BCCI) over unpaid sponsorship dues. The move comes after a court ordered insolvency proceedings against the company due to its failure to pay $19 million to the BCCI. Byju’s is attempting to block the insolvency process while simultaneously engaging in settlement talks with the cricket board.
German tennis legend Boris Becker has been discharged from bankruptcy court in London after a judge ruled that he had done everything reasonably possible to repay his creditors. Becker, 56, was deported to Germany two years ago after serving eight months in a London prison for illicitly transferring large amounts of money and hiding assets after he was declared bankrupt in 2017. He had been convicted of four charges under the Insolvency Act, including removal of property, concealing debt, and failing to disclose estate. Becker was sentenced to two and a half years in prison but was released early under a fast-track deportation program for foreign nationals.
The Bengaluru bench of the National Company Law Tribunal (NCLT) has imposed a cost of ₹20,000 on edtech giant Byju’s for delaying its response to a petition filed by Surfer Technologies. The petition initiated an insolvency process against Byju’s due to an unpaid debt of ₹2.3 crore. The matter has been adjourned for further hearing on May 1.
The former Mayor of Tshwane, Dr. Murunwa Makwarela, has passed away. His death comes just a week after he faced fraud charges related to his insolvency. Makwarela’s passing is a sad day for the city and its residents. We extend our condolences to his family and the entire community.
The National Company Law Tribunal (NCLT) has initiated insolvency proceedings against Zee Entertainment Enterprises Ltd (ZEEL) Chairman Emeritus Subhash Chandra in response to a petition submitted by Indiabulls Housing Finance. The decision was made based on Chandra’s status as a guarantor for a loan given to the Essel Group company Vivek Infracon Ltd. However, petitions from IDBI Trusteeship and Axis Bank were dismissed by the NCLT.
Despite efforts to promote corporate rescue in the UK, business failures are on the rise. Inaccurate language in media coverage, including misleading terms and negative connotations, is contributing to the stigma around insolvency and deterring businesses from seeking help. This hinders the effectiveness of insolvency law, designed to aid struggling companies. It is crucial to use precise terminology and dispel the negative associations surrounding procedures like administration, which aim to rescue businesses rather than liquidate them.
