Byju’s did not immediately respond to a request to comment on the court order.
New Delhi:
The Supreme Court on Wednesday revived insolvency proceedings against Byju’s by putting a previous tribunal order on hold, in a victory for US lenders that say they are owed $1 billion by the education technology company.
The Supreme Court order is a setback to company founder Byju Raveendran who earlier this month regained control of the startup that was once India’s most valuable at $22 billion.
Byju’s did not immediately respond to a request to comment on the court order.
The company was undergoing insolvency proceedings following a complaint by India’s cricket control body which said it was not paid sponsorship dues. The two sides subsequently settled the dispute and an appeals tribunal halted the insolvency proceedings.
A revival of the proceedings will put control of the company back in the hands of a court-appointed insolvency administrator.
The Supreme Court on Wednesday agreed to hear an appeal by US-based Glas Trust, which represents some lenders of a Byju’s group company, putting on hold the earlier order that had quashed insolvency proceedings against Byju’s.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
