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Byju's Photograph: (Byju's)
The corporate insolvency resolution process (CIRP) of Byju’s has provided details about certain claims from its employees which helps in the understanding of the unpaid salaries and problems looming in front of the organisation. This sector of creditors like employees/revenues have together filed a complaint of ₹ 177.5 Crore. Thus, only a small percentage of such claims have been granted the limelight of provisional acceptance by Pankaj Srivastava, the RP appointed in the matter.
Breakdown of Employee Claims
- Total Claims Filed: ₹177.5 crore
- Provisional Claims Accepted: ₹32.56 crore
- Claims Rejected: ₹59.87 crore
- Claims Under Verification: ₹85.06 crore
It has become clear to the resolution professional that the review process is continuous. Some of the claims are in a different mode from the usual one as some of them request more evidence and/or have been partially approved. In the following accounts, only authenticated claims will confirm the amounts demanded. Instructions for Lost or Overlooked Claims Employees whose claims are absent from the current list are encouraged to:
- Should send e-mails to the contact ID identified in the CIRP to follow the signs of progress of the project.
- Make sure all documents they require for submission are well attached. This way, they make sure their claims are given attention in the verification process, as a way of preemptive action.
Other Legal Developments
The insolvency proceedings have also attracted attention from various stakeholders, with several legal updates influencing the course of action:
BCCI’s Plea: The Board of Control for Cricket in India (BCCI) has sought permission for withdrawal of the insolvency petition proceeding against Byju’s.
Glas Trust and Aditya Birla Finance: Both of these entities are currently in the process of seeking membership in the Committee of Creditors (CoC), which, according to the AC&C, may have a crucial impact on the overall rationalization of the funds and resolution strategies.
Key Rules for Filing Claims Under the IBC
The Insolvency and Bankruptcy Code (IBC) outlines strict deadlines for filing claims:
- Claims filed late will only be considered if submitted within seven days of the creditor meeting.
All claims must be filed within 14 days of the CIRP commencement date. - Adhering to these guidelines is crucial for employees and other stakeholders to ensure their claims are reviewed.
Implications For Byju’s Employee
This process of CIRP requires a lot of time and determination from most of the stakeholders. Employees have to remain alert, file reminders on time,e and also to attach any other relevant documents that can help in solving the problem.
From Byju’s perspective, it faces not only the question how it is going to recover financially from the loss of its investments but also what type of precedent the insolvency proceeding will be creating in the corporate residues.
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