BCCI initiates insolvency proceedings against online tutor Byju’s

Byju’s storied founder is losing control of his eponymous company after an Indian court allowed insolvency proceedings to begin against the edtech firm.

The National Company Law Tribunal installed an interim resolution professional to replace Byju Raveendran following a petition from the country’s powerful cricket governing body — Byju’s used to sponsor the national team — and its order on Tuesday invited other creditors, Byju’s employees and vendors to file claims. The “existence of a debt and a default in the payment of debt is clearly established,” the court said Tuesday, adding it found no reason to deny the petition filed by the Board of Control for Cricket in India.