NCLT starts insolvency proceedings against Byju's

An Indian tribunal on July 16 started insolvency proceedings for EdTech firm Byju's after the country's cricket board complained about failure to recover $19 million in dues, dealing another blow to a company that was once India's biggest startup.

Byju's has suffered numerous setbacks in the past few years, leading to a crisis of investor confidence, thousands of job cuts and a collapse in its valuation from $22 billion in 2022 to less than $3 billion.

In this latest blow, the National Company Law Tribunal (NCLT) said “it cannot be disputed” that the parent of Byju’s, Think & Learn Private Limited, had availed itself of the services of the Board of Control for Cricket in India (BCCI) and had defaulted on roughly ₹1.59 billion.