This Edtech Giant Faces Over Rs 300 Cr Employee Compensation Claims

Over Rs 300 crore have been claimed by current and former employees against Think & Learn, the parent firm of edtech giant Byju's. 

1,784 employees have jointly claimed Rs 301 crore in unpaid dues, according to documents with the Interim Resolution Professional (IRP) during the Corporate Insolvency Resolution Process (CIRP), which were seen by FE. This sum is greater than three times what Byju's had admitted a few months ago as unpaid employee salaries—Rs 100 crore. 

The August 30th creditors' list contains a variety of claims. According to the paper, a few senior executives have submitted claims totaling more than Rs 50 crore, indicating that members of the top leadership may be among those requesting substantial compensation.

An this isn't it; many  mid-level employees have also submitted significant claims, ranging between Rs 10-30 lakhs, claiming that non-payment of dues isn't just at one level.

It's crucial to remember that the claims made to Pankaj Srivastava, a resolution specialist, are validated by the supplied supporting documentation. They must still be reconciled, nevertheless, with the corporate debtor's complete and accurate books of accounts and records—in this case, Byju's former management. 

The previous management has not yet given the RP access to these thorough records, thus after a thorough reconciliation is finished, the final numbers may vary.