NCLT Bengaluru Admits BCCI's Insolvency Plea Against Byju's Parent Company

Jul 16, 2024, 06:04 AM

The National Company Law Tribunal (NCLT) Bengaluru has admitted the Board of Control for Cricket in India's (BCCI) plea to initiate insolvency proceedings against Byju's parent company, Think & Learn. The order marks a significant development for the embattled ed-tech giant, which once boasted a $22 billion valuation. The insolvency resolution process could result in founder Byju Raveendran losing control of the company unless an appeal is made. This decision follows a series of financial challenges for Byju's, highlighting the company's dramatic fall from its peak valuation.