Edtech major Byju’s to appeal against insolvency proceedings this week

Indian education technology company Byju’s will challenge insolvency proceedings initiated against it in an attempt to block the process this week, as the startup once valued at $22 billion tries to tide over the crisis, two sources said on Wednesday.

The National Company Law Tribunal in the southern state of Karnataka on Tuesday ordered insolvency proceedings against the company after a complaint by the cricket board for not paying $19 million in dues. A court-appointed professional is currently running the company.