New Delhi: The Supreme Court on Wednesday revived insolvency proceedings against Byju’s by putting a previous tribunal order on hold, in a victory for US lenders that say they are owed $1 billion (Rs 8,395 crore) by the education technology company.
SC’s order is a setback to company founder Byju Raveendran who earlier this month regained control of the startup that was once India’s most valuable at $22 billion (Rs 1.84 lakh crore).
The company was undergoing insolvency proceedings following a complaint by BCCI, which said it was not paid sponsorship dues. The two sides subsequently settled the dispute and an appeals tribunal halted the insolvency proceedings.
A revival of the proceedings will put control of the company back in the hands…
