The National Company Law Tribunal (NCLT) has allowed US lenders Glas Trust Company and Aditya Birla Finance to rejoin the creditors’ committee overseeing edtech firm Byju’s insolvency proceedings.

This decision removed Pankaj Srivastava, the bankruptcy administrator, who had previously excluded Glas Trust due to its involvement in a related US case.

Byju’s, founded in 2015 by Byju Raveendran,  has encountered significant challenges, including legal issues in India and the US.

The company reached a valuation of US$22 billion during the COVID-19 pandemic but has faced significant financial struggles since then.

The company has encountered legal issues, job cuts, halted admissions, and suspended online courses.

Investors like Prosus NV have written off their investments, and the founder has stated the company’s valuation has dropped to zero.

Recent Byju’s developments