The company's assets will remain frozen while the proceedings continuePeople walk past an advertising hoarding of Byju's, an Education Technology company and one of India's biggest startup, outside one of its branch in New Delhi, India, June 23, 2023. REUTERS/Adnan Abidi/File PhotoPeople walk past an advertising hoarding of Byju's, an Education Technology company and one of India's biggest startup, outside one of its branch in New Delhi, India, June 23, 2023. REUTERS/Adnan Abidi/File PhotoEdtech company Byju's, once India's biggest startup valued at $22 billion, will face insolvency proceedings for failure to pay $19 million in dues to the country's cricket board, a tribunal said on Tuesday. A ruling by India's companies tribunal on Tuesday, following a complaint by the Board of Control for Cricket in India (BCCI), initiated insolvency proceedings. In February, a group of Byju's investors including Prosus and Peak XV voted to oust Raveendran, a move which Byju's has called invalid.
