BENGALURU: In a surprising turn of events, EY Restructuring has stepped down from its role as an advisor to Pankaj Srivastavathe NCLT-appointed internal resolution professional at troubled edtech firm Byju’s, according to sources who spoke to TOI.
TOI has reviewed a document containing the minutes of the first Committee of Creditors (CoC) meeting, which mentions this unexpected development.
Srivastava is currently responsible for inviting lenders, employees, vendors, and government to claim unpaid dues. Representatives from the IRP, EY, and Byju’s did not respond to TOI’s queries till the time of going to press.
The news comes on the heels of BDO’s resignation as Byju’s auditor. MSKA Associates – a BDO International affiliate and Byju’s audit firm – resigned as auditors earlier this month. This marks the second consecutive resignation letter from the company since June 2023, when Deloitte departed, citing governance concerns.
TOI has reviewed a document containing the minutes of the first Committee of Creditors (CoC) meeting, which mentions this unexpected development.
Srivastava is currently responsible for inviting lenders, employees, vendors, and government to claim unpaid dues. Representatives from the IRP, EY, and Byju’s did not respond to TOI’s queries till the time of going to press.
The news comes on the heels of BDO’s resignation as Byju’s auditor. MSKA Associates – a BDO International affiliate and Byju’s audit firm – resigned as auditors earlier this month. This marks the second consecutive resignation letter from the company since June 2023, when Deloitte departed, citing governance concerns.
