Supreme Court Revives Insolvency Proceedings Against Byju's
Supreme Court Revives Insolvency Proceedings Against Byju's
In a setback for the embattled edtech firm Byju's, the Supreme Court on August 14 stayed the NCLAT order that allowed settlement between the firm and BCCI

On Wednesday, the Supreme Court revived insolvency proceedings against education startup Byju’s by putting a previous tribunal order on hold, in a win for its lenders.

The Rs 158 crore that Byju’s has paid to the BCCI will be kept in a separate escrow account, said a bench-led by CJI DY Chandrachud.

US-based Glas Trust, representing some lenders of a Byju’s group company, had on August 7 filed an appeal before Supreme Court, challenging the appeals tribunal’s verdict that allowed Byju’s and BCCI to settle a payment case.

The education technology company has suffered several setbacks in the last few years, including boardroom exits, an auditor resignation, and a public spat with foreign investors over alleged mismanagement. Byju’s, currently valued at less than $3 billion, has denied any wrongdoing.

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