Lenders to Byju’s Alpha filed an insolvency petition after the Indian education startup missed payment on a $1.2 billion loan.
The move, announced by creditors in an emailed statement on Thursday, is the latest step in the fight between the startup founded by Byju Raveendran, once valued at $22 billion, and its creditors. Lenders have already taken control of its units in Singapore, while the company is challenging their moves in the US.
