Total claims made by current and former employees against Think and Learn, the parent company of education technology firm Byju’s, have crossed Rs 300 crore, according to a report by the Financial Express.
The claims filed with resolution professional Pankaj Srivastava are validated based on the documentation provided. However, these claims are yet to be reconciled with the complete and accurate books of accounts and records of the corporate debtor, in this case, the erstwhile management of Byju’s, the report said.
Documents submitted to the Interim Resolution Professional (IRP) as part of the Corporate Insolvency Resolution Process (CIRP) indicate that 1,784 employees have collectively filed claims worth Rs 301 crore in unpaid wages. This amount is more than the Rs 100 crore that Byju’s had previously acknowledged as outstanding payments to employees a few months earlier.
The list of creditors as of August 30 reveals a variety of claims. Notably, several top executives have filed claims for over Rs 50 crore, indicating that the top brass could be asking for substantial compensation.
Moreover, numerous mid-level employees have filed claims ranging from Rs 10 to 30 lakhs, suggesting that payment issues could be prevalent at various levels of the organisation.
Since prior management has not yet provided these complete records to the resolution professional, the final figures could potentially be adjusted once a full reconciliation is completed.
Authorities demand $101 million
Indian tax authorities are pursuing $101 million in unpaid taxes from Byju’s, an education technology company once considered India’s largest startup that is now facing insolvency, Reuters reported.
Byju’s, whose financial position has been hit by various regulatory challenges, has seen its value deteriorate to $22 billion in 2022 thanks to support from General Atlantic. Recently, a dispute with US creditors claiming $1 billion in late payments has exacerbated the company’s financial woes, leading to its assets being frozen.
First published: September 7, 2024 | 10:49 am IS
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