Bengaluru: India’s companies tribunal on Tuesday admitted Indian edtech firm Byju’s to the insolvency resolution process based on an application by the country’s cricket control board.
The National Company Law Tribunal said “it cannot be disputed” that the parent of Byju’s, Think & Learn Private Limited, had availed itself of the services of the Board of Control for Cricket in India (BCCI) and had defaulted on roughly 1.59 billion rupees ($19.02 million).
Byju’s, once one of India’s hottest startups, has suffered numerous setbacks in the past few years, leading to a crisis of investor confidence, thousands of job cuts and a collapse in its valuation to less than $3 billion from $22 billion in 2022.
($1 = 83.5950 Indian rupees)
(Reporting by Indranil Sarkar in Bengaluru)
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