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Byju’s crisis timeline: From edtech giant to fighting legal battles
The Bengaluru bench of the National Company Law Tribunal (NCLT) has dismissed a plea by Byju's parent company, Think & Learn, seeking an interim stay to stop Aakash Educational Services from holding its extraordinary general meeting (EGM) on October 29. The meeting is meant to approve a rights issue that Think & Learn tried to block.
Think & Learn's counsel argued that the proposed rights issue would reduce its stake in Aakash from 25.75% to about 5%, as the company, currently undergoing insolvency, cannot take part in the new share issuance. The lawyer also said that Aakash, acquired by Byju's for $950 million in 2021, is a key asset, and any loss in its value would severely hurt the parent company.
Byju's, once hailed as India's premier edtech company, has found itself at the centre of a high-profile legal and financial crisis from 2023 to 2025. The company, known for its online learning platform offering educational content and test preparation services, faced a severe funding crunch followed by multiple court disputes and insolvency proceedings involving creditors, regulatory bodies, and its own founders.
So how did it all come to this stage? Here's a look at the key events and major developments that led Byju's from its peak success to its current crisis:
Nov 2021: Byju's raised a $1.2 billion term loan (TLB) from the overseas market to fund general corporate purposes and global growth.
July 2022: Byju's publicly stated that its audited financials would be published soon. Its FY21 audit was delayed, and concerns were raised by its auditor about revenue recognition.
Aug-Sep 2022: The ministry of corporate affairs wrote to Byju's parent about the long delay (17-18 months) in filing audited accounts for the year ended March 31, 2021. The audited results that were filed showed a large loss (approx. Rs 4,588 crore).
October 2022: Byju's closed a financing round of $250 million (including the sale of secondary shares) led by Qatar Investment Authority.
December 2022: Creditors asked Byju's to immediately repay part of the TLB due to covenant breaches, such as delayed audited results.
March 2023: Byju's offered to increase the interest rate on its term loan as part of renegotiating debt-financing arrangements.
April 2023: Lenders reportedly sought up to $200 million prepayment plus a higher rate of interest as a precondition for restructuring the TLB.
May 2023: Byju's closed a Rs 2,000 crore structured credit transaction backed by cash flows of its test-prep subsidiary (Aakash Educational Services Limited). Byju's was expected at the time to use some of the new capital to refinance parts of its TLB.
June 2023: Reports emerged that creditors had pulled out of restructuring talks, accusing Byju's of hiding approximately $500 million of the funds raised. The edtech company then sued the lenders in the New York Supreme Court for accelerating repayment of the term loan, calling their demands “high-handed”.
February 2024: The Karnataka High Court held that decisions taken by shareholders at an EGM would not apply until the next hearing. This related to investors' attempt to remove founder Byju Raveendran.
March 2024: The NCLT declined to stay a planned extraordinary general meeting (EGM) of Byju's parent, aimed at increasing its authorised share capital to account for a $200-million rights issue.
July 2024: The NCLT admitted insolvency proceedings (CIRP) against Byju's parent in India, triggered by default in payment of around Rs 158 crore to the Board of Control for Cricket in India (BCCI).
Sept 2024: Tax authorities in India filed claims totalling $101 million in Byju's insolvency process.
Oct 2024: The Supreme Court of India set aside an NCLAT order that had closed insolvency proceedings, directing that settlement funds be deposited with the Committee of Creditors (CoC).
May 2025: The Supreme Court agreed to hear a plea by Byju's promoters seeking to uphold a pre-CoC settlement with the BCCI, according to TOI.
June 2025: The National Company Law Appellate Tribunal (NCLAT) rejected an appeal by the resolution partner (RP) (EY partner) in the Byju's-Aakash dispute.
July 2025: The RP filed a lawsuit for Rs 1,597 crore against a Dubai-based marketing agent in the ongoing insolvency process.
Sept 2025: Mumbai Economic Offences Wing (EOW) registered an FIR against Byju's founder and others for alleged fraud of Rs 46.90 crore in relation to student-loan dealings, according to media reports.
Source: EconomicTimes
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