In another blow to embattled edtech giant Byju’s, the Supreme Court has declined to allow the withdrawal of insolvency proceedings against the company, despite a proposed settlement with the Board of Control for Cricket in India (BCCI).
The cricket board, which had filed for insolvency over unpaid sponsorship dues of Rs 158 crore, sought to withdraw the petition after reaching a settlement with Byju’s and receiving assurances of payment from Riju Raveendran, a promoter of the company. Raveendran also petitioned the court, urging a halt to the process in light of the proposed deal.
However, the Supreme Court upheld earlier rulings by the National Company Law Tribunal and the appellate tribunal, which had rejected the withdrawal…