Byju Crisis: Amidst ruin, Byju gave assurance, ready to return the money of the lenders before taking a single rupee
Byju Ravindran Interview: Byju Ravindran said that most of the lenders wanted to settle. But one or two people wanted to make huge profits from it. Currently, Byju is undergoing bankruptcy proceedings.
Byju Crisis: Byju Ravindran, the founder of EdTech company Byju, which is facing a financial crisis, has assured the investors and lenders. Byju Ravindran said that if the lenders are ready to work with him, then he is ready to return the entire money to them. In a two and a half hour conversation with the media, Ravindran said that if the bankruptcy process continues against the company, then the lenders will not get any money.
One or two people wanted to make more profit
Ravindran said, if they are ready to work with me, I am ready to return their money before withdrawing a single rupee. We paid $140 million, but they wanted the entire $1.2 billion, which we had already invested. He told that most of the lenders wanted to settle. But one or two people wanted to make a lot of profit from this. Currently Byju is going through bankruptcy proceedings.
The company settled the dispute with the BCCI
The insolvency proceedings began after the Board of Control for Cricket in India (BCCI) approached the NCLAT to recover its dues of Rs 158.9 crore. The company settled the dispute with the BCCI after paying the entire dues. After this, NCLAT canceled the insolvency proceedings. However, the US lenders through their agent Glass Trust challenged the NCLAT order in the apex court, which restored the insolvency proceedings against Byju's.
Byju Ravindran said about the financial crisis that when the company was going through difficult times, the investors ran away leaving it in the lurch. At that time, the company's board had approved all major acquisitions and expansion plans with a 6-0 consensus. But today the same people immediately start criticizing. He said that in difficult times, investors ran away, which increased the company's problems. With three investors leaving the board together, it became difficult to raise new funds. The company's capacity was affected by the departure of these people.