New Delhi: India’s top court on Wednesday revived insolvency proceedings against education technology company Byju’s following a lawsuit by a trust representing U.S. lenders who say they are owed $1 billion by the company.
The Supreme Court order is a setback for founder Byju Raveendran whose eponymous online coaching company was valued at $22 billion in 2022 before suffering setbacks including boardroom exits, an auditor resignation, and a public spat with foreign investors over alleged mismanagement. The company has denied any wrongdoing.
Byju’s was undergoing insolvency proceedings following a complaint by India’s cricket body which said it was not paid sponsorship dues. But the two sides settled the matter and a tribunal…
