Here is an overview of Byju’s and its troubles:
WHAT TRIGGERED THE INSOLVENCY?
The Board of Control for Cricket in India (BCCI) last year asked a tribunal to initiate insolvency proceedings against Byju’s for defaulting on $19 million of dues. The dispute is over payments related to sponsorship rights for the Indian cricket team’s jerseys.
The two sides had settled the matter, with Byju’s agreeing to pay the full amount. Following that, an appeals tribunal quashed the insolvency proceedings against the company.
WHAT ARE THE US LENDERS SAYING?
The settlement and the quashing of insolvency proceedings prompted US lenders represented by Glas Trust to approach the Supreme Court.
These lenders say they are owed $1 billion by…
