Reported about 1 month ago
India's Supreme Court has overturned a ruling by a bankruptcy tribunal that permitted Byju’s to settle debts with a significant creditor, thereby reinforcing the company's entry into insolvency. The decision allows other creditors to file claims against Byju’s and appoint a resolution professional to oversee the insolvency process. This marks a significant setback for Byju’s founder, Byju Raveendran, as the company grapples with financial difficulties after a rapid rise to a $22 billion valuation.
Source: YAHOO