The claims by employees and ex-employees against Think and Learn, the parent company of the troubled edtech giant Byju’s, have reached over Rs 300 crore.
According to filings with the Interim Resolution Professional (IRP) during the Corporate Insolvency Resolution Process (CIRP), reviewed by FE, 1,784 employees have collectively claimed Rs 301 crore in unpaid dues. This figure is more than three times the Rs 100 crore amount that Byju’s had previously acknowledged as outstanding employee payments a few months ago.
The list of creditors, dated August 30, shows a wide range of claims. The document shows that some high-ranking executives have filed claims exceeding Rs 50 crore, suggesting that top leadership may be among those seeking substantial compensation.
Many mid-level employees have also submitted significant claims, in the range of Rs 10-30 lakhs, indicating that payment issues may be widespread across various levels of the organisation.
It’s important to note that the claims submitted to the resolution professional Pankaj Srivastava are verified based on supporting documents provided. However, they are still subject to reconciliation with complete and correct books of accounts and records of the corporate debtor, which in this case is the erstwhile management of Byju’s.
These comprehensive records have yet to be provided by the erstwhile management to the RP, which means the final figures could potentially change once a full reconciliation is completed.