India's startup ecosystem, once celebrated for its rapid growth and innovation, is facing challenges as some prominent firms struggle with governance amid their expansion. Notably, Byju Raveendran, founder of the ed-tech giant Byju's, recently declared his company's value has plummeted to zero from over $20 billion. This situation highlights the need for startups to prioritize sustainable growth over mere scaling.
In a significant setback for Byju's, the Supreme Court has overturned the NCLAT's approval of a Rs 158 crore settlement with the BCCI. The Court found that the NCLAT had breached procedures under the Insolvency and Bankruptcy Code, leading to the transfer of the funds to an escrow account managed by the Committee of Creditors.
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