While the Ministry of Finance’s department of revenue has filed a claim worth $18.7 Mn, Karnataka tax authorities have sought dues worth $82.3 Mn
The Insolvency and Bankruptcy Board’s documents describe the outstanding amounts as “statutory dues”
So far, claims worth over $1.5 Bn have reportedly been received from 1,887 creditors of BYJU’S, most of which are still under review
Troubles of BYJU’S
seem far from over. In a fresh twist of events, Indian authorities reportedly sought dues worth $101 Mn (nearly INR 848 Cr) from the edtech major.
As per the Insolvency and Bankruptcy Board’s documents seen by Reuters, the Ministry of Finance’s department of revenue has filed a claim worth $18.7 Mn while Karnataka tax authorities have sought dues worth $82.3 Mn.
Per the agency’s report, the document described the outstanding amounts as “statutory dues”, without further elaboration.
This amount effectively implies the total amount local authorities believe that BYJU’S owes them. This comes after months of complaints against the company for delays in paying salaries and layoffs.
At present, the troubled edtech major is being run by the court-appointed resolution professional, Pankaj Srivastava, who has invited lenders, employees, vendors and the government to claim their respective outstandings. So far, claims worth over $1.5 Bn have reportedly been received from 1,887 creditors, most of which are still under review.
(This story will be updated soon.)
