BYJU’S Insolvency Saga: Shailendra Ajmera Appointed New IRP - Related to new, now,, ans, deliver, insolvency

BYJU’S Insolvency Saga: Shailendra Ajmera Appointed New IRP

Earlier in the day, Byju Raveendran alleged that he had received a document with “conclusive evidence of criminal collusion” between EY India, the lenders and the outgoing IRP Srivastava.

This comes a month after the NCLT found Srivastava’s conduct as “unfit” and “improper” for an officer of the tribunal and directed IBBI to take disciplinary action against him.

During the hearing, the counsel for the erstwhile directors of the BYJU’S, Byju Raveendran and Riju Raveendran. Objected to the appointment of Ajmera as IRP.

The Bengaluru bench of the National corporation Law Tribunal (NCLT) has appointed Shailendra Ajmera as the new insolvency resolution professional (IRP) of troubled edtech startup BYJU’S.

“Heard the learned senior counsel appearing for the applicant and considering the submissions made, the present application replacing the IRP, Mr. Pankaj Srivastava, by appointing Mr. Shailendra Ajmera, as resolution professional of the corporate debtor is hereby allowed,” expressed the NCLT order dated February 24.

The order also noted that the members of BYJU’S committee of creditors (CoC), in their first meeting on February 11. Passed a resolution to replace the outgoing IRP Srivastava with Ajmera. of the members voted in favour of Ajmera.

During the hearing, the counsel for the erstwhile directors of BYJU’S, Byju Raveendran and. Riju Ravindran, objected to the appointment of Ajmera as IRP.

“Learned counsel appearing for suspended directors submits that they have filed an IA (application) objecting to the appointment of Mr. Shailendra Ajmera as resolution professional of the corporate debtor. However, expressed IA has not been numbered due to defects not being cleared,” the order added.

The case has been scheduled for next hearing on March 19.

This comes a month after the NCLT found Srivastava’s conduct as “unfit” and. “improper” for an officer of the tribunal. Not stopping there, the NCLT also issued directions to the Insolvency and Bankruptcy Board of India (IBBI) to take disciplinary action against the erstwhile IRP Srivastava.

Srivastava was accused by creditors of BYJU’S, Glas Trust, and Aditya Birla Finance, of fraud by not including them in the then CoC.

Meanwhile, BYJU’S cofounder and CEO Byju Raveendran publicly trained his guns on term loan B (TLB) lenders of the firm on Friday (February 28).

Byju Alleges Nexus Between EY India & Creditors.

In a lengthy post on LinkedIn, which was reposted by his wife and fellow director at BYJU’S Divya Gokulnath. Byju Raveendran alleged that he and several employees of the business received a document with “conclusive evidence of criminal collusion” between EY India, the lenders and the outgoing IRP Srivastava.

“I am sure a thorough investigation of this evidence will reveal the truth. I request the authorities to take that up immediately,” his post read.

Training guns at the erstwhile IRP, he even went on to claim that Srivastava was appointed by an Indian court to protect BYJU’S but. “ended up destroying it”. He also alluded to “some circumstances” that were “simply unfair” to him, and cited the “collusion” between the auditor and. The lenders.

“From now on, you will hear it directly from me. Because direct action is how we built BYJU’S. Those who believe in me make me strong. Those who do not, make me stronger. As they say, you can never defeat someone who does not give up. To all BYJUites, past and present, I have just one message: stay strong, stay proud. Forgive me for my mistakes. We will be back stronger than ever before,” mentioned Byju Raveendran.

However, the post was temporarily removed from the social networking platform. In a separate post on LinkedIn, Gokulnath expressed, “Byju’s post and account taken down”. However, the post was restored after a few hours.

The fresh development comes a day after a US insolvency court ruled in favour of the lenders of BYJU’S in connection with a case involving alleged fraudulent transfer of $533 Mn by the troubled edtech startup.

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Flipkart Shuts ANS Commerce 3 Years After Its Acquisition

Founded in 2017 by Amit Monga, Nakul Singh, Sushant Puri, and Vibhor Sahare, ANS Commerce helped businesses set up digital storefronts, integrate with marketplaces including Flipkart and Amazon, manage marketplace and e-commerce warehousing & fulfillment.

In relation to this, the Walmart-owned business noted it plans to minimise the impact on the SaaS business’s employees by offering internal opportunities to them, coupled with outplacement services and. Severance packages.

Flipkart acquired the D2C-focussed SaaS platform in 2022 to strengthen its ecommerce playbook.

Flipkart has decided to shut its full-stack ecommerce enabler ANS Commerce, three years after its acquisition.

The Bengaluru-based ecommerce giant acquired the D2C-focussed SaaS platform in 2022 to strengthen its ecommerce playbook.

The development was first . The publication expressed that Flipkart has laid off “several employees”, associated with ANS Commerce.

Flipkart confirmed in a statement that it has decided to shut ANS Commerce. “After careful consideration, ANS Commerce, a full-stack e-commerce enabler that was acquired by Flipkart in 2022, has decided to close its operations. As we wind down operations, we stay committed to ensuring a smooth transition for all stakeholders, including employees and consumers,” a Flipkart spokesperson expressed.

Flipkart expressed it plans to minimise the impact on the SaaS startup’s employees by offering internal opportunities to them as well as outplacement services and. Severance packages. The shuttered vertical reportedly employed 110 people.

Founded in 2017 by Amit Monga, Nakul Singh, Sushant Puri, and Vibhor Sahare, ANS Commerce helped businesses set up digital storefronts, integrate with marketplaces including Flipkart and Amazon, manage marketplace, ecommerce warehousing, and fulfillment.

ANS Commerce indicates to have fulfilled more than 6 Lakh orders before it shut shop and served brands such as Razorpay, Arvind Fashions. Unicommerce, FedEx, Delhivery, Paytm, PhonePe and others.

Prior to the acquisition, ANS Commerce raised $ Mn in its pre-Series A round co-led by angel investor Gokul Rajaram and Venture Catalysts in 2021. The Delhi NCR-based startup added 100Unicorns and angel investors such as Kunal Shah of CRED and. Kunal Bahl of Snapdeal on its cap table.

The development comes on the heels of Flipkart lining up plans to list on Indian bourses. The ecommerce giant is looking to get listed on the bourses in the next 12 to 18 months. As part of its IPO drive, the enterprise has been rejigging its top leadership, trimming cash burn and. Restructuring operations.

With this, ANS Commerce has become the latest Indian startup to bite the dust. Earlier this month, Ashneer Grover-led cricket fantasy league platform CrickPe also halted its operations, within just two years of its launch amid growing uncertainty around GST for real-money gaming platforms.

As per Inc42 data, as many as 12 startups shut operations in 2024 despite raising millions in funding and big names on their cap table.

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Now, Blinkit Will Deliver Apple Products In 10 Minutes

The service is available in select cities, including Delhi NCR, Mumbai, Hyderabad, Pune, Lucknow, Ahmedabad and more.

The announcement was made by Blinkit CEO Albinder Dhindsa via his LinkedIn handle.

The business will deliver apple products including MacBook Air, iPad, AirPods and Apple Watch among others within 10 minutes.

Expanding its quick commerce footprint, Zomato-owned Blinkit will now deliver Apple products, including iPhone, MacBook Air, iPad, AirPods and Apple Watch among others within 10 minutes.

Taking to LinkedIn, Blinkit CEO Albinder Dhindsa expressed that this service is active in select cities including Delhi NCR, Mumbai, Hyderabad. Pune, Lucknow, Ahmedabad, Chandigarh, Chennai, Jaipur, Bengaluru and Kolkata.

Furthermore, the development comes when earlier this week, Zomato infused INR 1,500 Cr in Blinkit to double down on the number of dark stores to 2,000 by December.

Additionally, Blinkit has also been bullish on selling electronic products via its platform lately. Last month, the platform rolled out delivery for electronics products like laptops, monitors and printers. Back then, it partnered with Lenovo, Zebronics, MSI, HP and Canon to sell their products.

Earlier in 2024, the platform started delivering electronics in early 2024, with smartphones from Samsung and Apple in under 10 minutes across Delhi-NCR, Mumbai and. Bengaluru, among other cities.

Later in September, Blinkit launched a 10-minute delivery service for Iphone 16. Back then, it collaborated with Unicorn Infosolutions, which also offers discounts with select credit cards, along with EMI options.

Not just electronics. Blinkit has been trying to expand its quick commerce portfolio with several new products and services. Earlier this year, it piloted a 10-minute ambulance service in Gurugram, with aim to expand it in the major cities within the next two years.

In December 2024. Blinkit also entered the quick food delivery segment with the launch of Bistro. Earlier to this, the platform launched large order fleets and ‘Blinkit Seller Hub’, which allows sellers to list themselves on the platform.

Besides the quick commerce wave in the country. Apple is also expanding its footprint in India. Last week, Apple expressed that it is assembling its newly launched iPhone 16e in India through local contract manufacturers.

In 2024, the tech giant surpassed INR 1 lakh Cr mark in iPhone exports from India, with total shipments reaching a record $ Bn (around INR Lakh Cr).

Last month, Apple also rolled out the Apple Store app in India as it looks to ramp up its retail presence in the country.

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