Representational picture of the Byju’s brand
| Photograph Credit score: Reuters
The Supreme Courtroom on Wednesday (August 14, 2024) revived insolvency proceedings towards Byju’s by placing a earlier tribunal order on maintain, in a victory for U.S. lenders that say they’re owed $1 billion by the training expertise firm.
The Supreme Courtroom order is a setback to firm founder Byju Raveendran who earlier this month regained management of the startup that was as soon as India’s most dear at $22 billion.
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Byju’s didn’t instantly reply to a request to touch upon the court docket order.
The corporate was present process insolvency proceedings following a criticism by the BCCI which stated it was not paid sponsorship dues. The 2 sides subsequently settled the dispute and an appeals tribunal halted the insolvency proceedings.
A revival of the proceedings will put management of the corporate again within the palms of a court-appointed insolvency administrator.
The Supreme Courtroom on Wednesday agreed to listen to an enchantment by U.S.-based Glas Belief, which represents some lenders of a Byju’s group firm, placing on maintain the sooner order that had quashed insolvency proceedings towards Byju’s.
