New Delhi: Edtech firm Think and Learn, which owns Byju’s brand, has not paid the July salary to employees as the company was unable to access its accounts due to a temporary stay granted by the Supreme Court on the NCLAT’s decision, a top official said on Tuesday.

On August 2, the National Company Law Appellate Tribunal (NCLAT) approved the Rs 158.9 crore dues settlement with BCCI and set aside insolvency proceedings against Byju’s. However, the Supreme Court on August 14 stayed the verdict of the insolvency appellate tribunal setting aside the insolvency proceedings against the ed-tech major based on a plea of US-based creditor Glas Trust Company LLC.

Think and Learn founder and CEO Byju Raveendran in an email to employees said that every legal roadblock has lengthened the company’s long trek to recovery but the company is on the verge of reversing the negative business cycle that began two years ago.

“I want to address the matter of utmost concern to you – and to me as well. Your salary for July 2024 has not been credited yet. Our company recently faced a serious challenge that pushed us into insolvency due to a dispute with the BCCI. We settled the case and were on the brink of regaining control of our finances after the NCLAT ruled in our favour.

“The apex court has issued a temporary stay on the NCLAT’s decision, which means the control of the company’s accounts has not yet been restored to us,” Raveendran said.

He said some foreign lenders have been litigating against the company and appealed the NCLAT ruling before the apex court.