The Supreme Court on Wednesday revived insolvency proceedings against Byju’s by putting a previous tribunal order on hold, in a victory for US lenders that say they are owed $1 billion (Rs 8,395 crore) by the education technology company. <\/p>\n
SC’s order is a setback to company founder Byju Raveendran who earlier this month regained control of the startup that was once India’s most valuable at $22 billion (Rs 1.84 lakh crore). <\/p>\n
The company was undergoing insolvency proceedings following a complaint by BCCI, which said it was not paid sponsorship dues. The two sides subsequently settled the dispute and an appeals tribunal halted the insolvency proceedings. <\/p>\n
A revival of the proceedings will put control of the company back in the hands of a court-appointed insolvency administrator. <\/p>\n
The Supreme Court on Wednesday agreed to hear an appeal by US-based Glas Trust, which represents some lenders of a Byju’s group company, putting on hold the earlier order that had quashed insolvency proceedings against Byju’s.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Supreme Court on Wednesday revived insolvency proceedings against Byju’s by putting a previous tribunal order on hold, in a victory for US lenders that say they are owed $1 billion (Rs 8,395 crore) by the education technology company. SC’s order is a setback to company founder Byju Raveendran who earlier this month regained control of the startup that was once India’s most valuable at $22 billion (Rs 1.84 lakh crore). The company was undergoing insolvency proceedings following a complaint by BCCI, which said it was not paid sponsorship dues. The two sides subsequently settled the dispute and an appeals […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[7],"tags":[],"class_list":["post-844708","post","type-post","status-publish","format-standard","hentry","category-it-2"],"acf":[],"_links":{"self":[{"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/posts\/844708","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/comments?post=844708"}],"version-history":[{"count":0,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/posts\/844708\/revisions"}],"wp:attachment":[{"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/media?parent=844708"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/categories?post=844708"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/tags?post=844708"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}