The Supreme Court has revived insolvency proceedings against Byju’s by putting a previous tribunal order on hold.
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.