Byju's Financial Struggle: Salaries on Hold Amid Court Battle

Edtech firm Think and Learn, owner of Byju's, has not paid July salaries due to account access issues following a Supreme Court stay on NCLAT's decision. Despite legal hurdles, CEO Byju Raveendran remains optimistic about the company's recovery and promises prompt salary payments once financial control is regained.

Edtech giant, Think and Learn, which operates under the Byju's brand, has yet to pay its employees' July salaries. According to a top official, this delay results from the company's inability to access its accounts following a Supreme Court stay on the NCLAT's decision.

On August 2, the NCLAT approved a Rs 158.9 crore settlement with the BCCI and dismissed insolvency proceedings against Byju's. However, the Supreme Court stayed this verdict on August 14 based on a plea from US-based creditor Glas Trust Company LLC.

In an email to employees, CEO Byju Raveendran assured that despite legal obstacles delaying recovery, the company is nearing a turnaround and committed to paying overdue salaries. He emphasized that the company's largest shareholder, Riju Raveendran, has taken full financial responsibility for the settlement with the BCCI.

(With inputs from agencies.)