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A group of Byjus investors led by Dutch investor Prosus is seeking to block a $200 million rights issue and the removal of founder Byju Raveendran as CEO of the edtech firm. ....
“The applicant (SS Infra) has proved before us that the outstanding operational debt is more than rupees one crore, which is due to the applicant by the respondent and that the respondent (Sadbhav Engineering) has defaulted in payment,” said the division bench of judicial member Shammi Khan and technical member Sameer Kakar, in its order of April 22. ....
As a result of Chandra being admitted to moratorium, no litigation can be initiated against him. Chandra also cannot alienate or sell any of his assets and the Resolution Professional will now process the claims of those who intend to recover money from him. ....