India's most popular edu tech platform Byju's is about to be shut down as some US lenders are pushing it towards insolvency. They approached the Supreme Court and filed a plea based on that the education-based company given its testaments and the insolvency-related facts were quashed by the SC.  

The topmost court of India just now again started the proceeding in the matter of the edutech platform Byju's by a representing U.S. lender who revealed the fact that they are owed $1 billion by the company.

Highlights

1- The Supreme Court is examining Byju's Case of Insolvency

2- U.S. lenders are giving facts that they are owed $1 billion by Byju's

3- Byju's paid $19 million to the cricket board to settle an insolvency dispute

Byju's is under great threat of being insolvent following the proceeding running on in the highest court in India. The matter also relates to the cricket body which said it was not paid the sponsorship dues, similarly, the Edutech company also represents another matter in which some U.S. lenders are asking for some due amounts which are approx $1 billion.

"We are staying the (appeals tribunals) judgement," said the Chief Justice of India DY Chandrachud in court and declared the next debating date as 23 August 2024.

During the court hearing, the company and the opposition lawyers worked to oppose the request from the Glass Trust.

To settle the insolvency matter with all the bodies Byju's paid approximately $19 million which was due to the cricket board but the ordering and ruling are making the matter more complicated.

Byju's is an online platform that provides online education to students and learners across 21 countries and has more than 27,000 employees including 16,000 teachers get to know in all over the world during COVID-19 when it started to offer the virtual platform for learning and educating purposes.