Byju Raveendran explains why firm has not paid July salaries: ‘Not in control…’

Edtech firm Think and Learn, owner of Byju’s, has not paid the July salary to employees as the company was unable to access its accounts due to a temporary stay granted by the Supreme Court on the National Company Law Appellate Tribunal (NCLAT’s) decision, Byju Raveendran said. This comes after NCLAT approved the ₹158.9 crore dues settlement with BCCI and set aside insolvency proceedings against Byju’s on August 2. However, the Supreme Court on August 14 stayed the verdict of the insolvency appellate tribunal setting aside the insolvency proceedings against the company on the basis of a plea by US-based creditor Glas Trust Company LLC.