India's Supreme Court Revives Byju's Insolvency Proceedings, Halts Rs 158 Crore BCCI Settlement

Aug 14, 2024, 07:24 AM

US lenders have appealed to India's Supreme Court against a previous verdict that quashed insolvency proceedings against the education startup Byju's. The appeal was led by Glas Trust Company LLC, representing some of Byju's lenders, including those involved in a $1.2 billion term loan. India's top court has now revived the insolvency proceedings, marking a setback for Byju's. Additionally, the Supreme Court has stayed an NCLAT order that allowed Byju's to settle its dues with the Board of Control for Cricket in India (BCCI) by paying Rs 158 crore. The court has asked BCCI to maintain the Rs 158 crore in a separate account.