BYJU’S RP Sues Former Directors Over Alleged Transfer Of Company Assets

The Resolution Professional (RP) overseeing the insolvency proceedings of the edtech giant Byju's has initiated legal action against the company's former directors, including its founder Byju Raveendran. The lawsuit, filed before the National Company Law Tribunal (NCLT), alleges that the former directors were involved in the illegal transfer of company assets and other financial irregularities. The RP is seeking to recover the assets that were allegedly siphoned off from the company before the commencement of the insolvency process. This legal action is a critical step in the Corporate Insolvency Resolution Process (CIRP), as the RP has a duty to protect and consolidate the assets of the corporate debtor for the benefit of all its creditors. The outcome of this lawsuit will be significant for the future of Byju's and its stakeholders.