EY resigns as adviser to Byju’s IRP
BENGALURU: In a surprising turn of events, EY Restructuring has stepped down from its role as an advisor to Pankaj Srivastava, the 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 govt 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 auditor resignation 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 govt 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 auditor resignation from the company since June 2023, when Deloitte departed, citing governance concerns.
