Bengaluru. Byju’s, considered the country’s largest edutech company, is in danger of shutting down. To save the company from shutting down, CEO Byju Ravindran has knocked on the doors of the Karnataka High Court. He has said in the petition filed in the Karnataka High Court that if the bankruptcy proceedings continue, Byju’s will shut down. NCLT i.e. National Company Law Tribunal had given permission to start bankruptcy proceedings against Byju’s for not paying 158.9 crores. This approval was given on the application of BCCI.
Byju’s was once known as the biggest startup. Its CEO Byju Ravindran has said in the petition filed in the Karnataka High Court that if the bankruptcy proceedings continue, thousands of employees will lose their jobs. Byju currently has 27000 employees including 16000 teachers. In his petition of more than 400 pages, Byju Ravindran has said that the vendor providing maintenance services to the company will also have to be declared a defaulter. This will stop all the work of Byju. Byju’s assets are currently confiscated. The board of the company has also been suspended. The Karnataka High Court is going to hear Byju Ravindran’s petition on Monday.
Byju Ravindran has said in the petition filed in the High Court that he wants to pay the dues in 90 days. Like the company, Byju Ravindran’s condition is also bad. On April 4, 2023, Byju Ravindran’s net worth was Rs 17545 crore, but now it has become zero. Byju Ravindran, who entered the field of education with just 40 students, was born in Azhikode village in Kannur district of Kerala. Byju studied in the school of this village and then also became an engineer. Byju Ravindran, who scored 100 percentile twice in the IIM entrance exam, formed a company instead of going into management. He was also included in the Global 40 Under 40 Technology list by Fortune magazine in September 2020.