The Supreme Court on Wednesday revived insolvency proceedings against Byju's by putting a previous tribunal order on hold, in a victory for US lenders that say they are owed $1 billion by the education technology company.
The Supreme Court order is a setback to company founder Byju Raveendran who earlier this month regained control of the startup that was once India's most valuable at $22 billion.
Byju's did not immediately respond to a request to comment on the court order.
The company was undergoing insolvency proceedings following a complaint by India's cricket control body which said it was not paid sponsorship dues. The two sides subsequently settled the dispute and an appeals tribunal halted the insolvency proceedings.
A revival of the proceedings will put control of the company back in the hands of a court-appointed insolvency administrator.
The Supreme Court on Wednesday agreed to hear an appeal by US-based Glas Trust, which represents some lenders of a Byju's group company, putting on hold the earlier order that had quashed insolvency proceedings against Byju's.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
Featured Video Of The Day
The Women Safety Emergency
No Interim Bail For Delhi Chief Minister Arvind Kejriwal By Supreme Court Big Win For Mineral Rich States In Court, Can Collect Past Dues On Royalty 'Bail Is Rule, Jail Exception': Supreme Court's Reminder For Anti-Terror Cases 150 mg Semen In Kolkata Doctor's Body, Suspect Gang-Rape: Parents To Court Karnataka Halts Transactions With SBI, PNB Amid Funds Misuse Allegations Starbucks' Indian-Origin CEO, Recently Fired, Never Worked Past 6 pm Why Cruise Tourism In India Remains Stuck In Shallow Waters 4 vs 1: Pune Jeweller Fights Armed Men, Foils Robbery Attempt With Stick 2 French Rafale Jets Collide Mid-Air, Instructor, Pilot Missing Track Latest News Live on NDTV.com and get news updates from India and around the world.