Bengaluru, June 23 (UNI) Ed tech company Byju's has taken its legal battle to the Karnataka High Court, urgently filing a plea to challenge the National Company Law Tribunal (NCLT)'s decision that restrained the company from using funds raised in its second rights issue.
The company launched a critical fundraising drive from May 13 to June 13 to strengthen its financial standing. However, the NCLT's ruling blocked the company from accessing these funds, delivering a significant setback.
Behind the scenes, negotiations continued as the company pursued settlements with key creditors like Teleperformance and Surfer Technologies, aiming to ease its financial burdens.