Byju's Wins NCLAT Case: Insolvency Proceedings Set Aside

New Delhi, Aug 2 (PTI) Byju's on Friday said the National Company Law Appellate Tribunal's order setting aside insolvency proceedings against the company is a "major victory" for the edtech firm and its founders.

The NCLAT has approved the company's Rs 158 crore dues settlement with cricket board BCCI and also set aside insolvency proceedings against the company, a move that will effectively put Byju Raveendran back in control of the firm.

In a statement, the company said the development is a major victory for Byju's and its founders.

Welcoming the NCLAT order, founder Byju Raveendran said, "Today's NCLAT order is not just a legal victory, but a testament to the heroic efforts made by our BYJU'S family in the last two years".

"Our founding team members have poured their hearts and souls, not to mention their entire savings, into this dream, often at great personal cost. Every BYJU-ite has demonstrated extraordinary resilience, working tirelessly through unprecedented challenges. Their collective sacrifice humbles me, and I am deeply grateful to each one of them," Raveendran said.

"Our trials and tribulations have only strengthened our resolve and sharpened our focus. Today, we stand not just stronger, but more united than ever. I have always believed that truth eventually prevails and hard work always wins. We have nurtured BYJU'S for two decades, and we are committed to its mission of imparting high-quality education to students everywhere. You can never defeat a team that never gives up.