NCLT Orders Bankruptcy Proceedings for Byju's

Published On: July 17, 2024 - Once hailed as India's most valuable startup, with a staggering valuation of $22 billion, Byju's is now staring down insolvency proceedings. Why? Because they failed to pay around Rs 159 crore to cricket body BCCI. The National Company Law Tribunal or the NCLT in Bengaluru gave the green light for bankruptcy proceedings against Byju's on July 16. They’ve appointed an interim resolution professional, Pankaj Srivastava, who will now call the shots instead of Byju's board of directors, whose assets are frozen.