Byju’s lender asks court not to quash insolvency proceedings against firm

US-based Glas Trust is asking an Indian court to not quash insolvency proceedings for ed-tech giant Byju’s as lenders the trust represents are owed $1 billion, posing a new challenge for the Indian startup that was once the nation’s biggest.

Byju’s was valued at $22 billion in 2022 before being hit with many setbacks including boardroom exits, an auditor resignation and a public spat with foreign investors over mismanagement. The company has denied any wrongdoing.