On Wednesday, the Supreme Court revived insolvency proceedings against education startup Byju’s by putting a previous tribunal order on hold, in a win for its lenders.
The Rs 158 crore that Byju’s has paid to the BCCI will be kept in a separate escrow account, said a bench-led by CJI DY Chandrachud.
US-based Glas Trust, representing some lenders of a Byju’s group company, had on August 7 filed an appeal before Supreme Court, challenging the appeals tribunal’s verdict that allowed Byju’s and BCCI to settle a payment case.
The education technology company has suffered several setbacks in the last few years, including boardroom exits, an auditor resignation, and a public spat with foreign investors over alleged mismanagement. Byju’s, currently valued at less than $3 billion, has denied any wrongdoing.
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