Byju’s founder files FIR against former resolution professional, EY, Glas Trust - The Economic Times

Key Players Involved

Byju Raveendran, founder of Byju's, filed a police complaint (FIR) against Pankaj Srivastava (former insolvency resolution professional), EY (consulting firm), and Glas Trust (representing US lenders). The allegations center on a conspiracy to defraud Byju's during its insolvency proceedings.

Allegations of Fraud and Collusion

Raveendran accuses Srivastava of illegally handing over the insolvency process to EY employees, alleging they acted as agents for Glas Trust. A whistleblower from EY India further supports these claims of collusion.

Legal Proceedings and Responses

The matter is before the National Company Law Tribunal (NCLT) and its appellate body. EY, Srivastava, and Glas Trust have not yet responded to requests for comment. The NCLT previously removed Srivastava as resolution professional due to misleading the tribunal. Raveendran's legal team argued that the insolvency process was vitiated by fraud.

Background of the Insolvency

Byju's insolvency proceedings began after the Board of Control for Cricket in India sought to recover Rs 158 crore. While a settlement was initially approved, the Supreme Court later quashed it, leading to the ongoing proceedings.

• The FIR alleges criminal conspiracy against Byju's.
• A whistleblower from EY India corroborated the allegations.
• The NCLT previously took action against Srivastava for misleading the tribunal.
• The Supreme Court overturned an earlier settlement, pushing the case forward.