PM Anthony Albanese said his government would run an age verification trial before introducing laws this year
India's top court on Wednesday revived insolvency proceedings against education technology company Byju's following a lawsuit by a trust representing US lenders who say they are owed $1 billion by the company.
The Supreme Court order is a setback for founder Byju Raveendran whose eponymous online coaching company was valued at $22 billion in 2022 before suffering setbacks including boardroom exits, an auditor resignation, and a public spat with foreign investors over alleged mismanagement. The company has denied any wrongdoing.
Byju's was undergoing insolvency proceedings following a complaint by India's cricket body which said it was not paid sponsorship dues. But the two sides settled the matter and a tribunal quashed the process, prompting US lenders represented by Glas Trust to approach the Supreme Court.
"We are staying the (appeals tribunal) judgment," Chief Justice of India DY Chandrachud said in court, setting the next date of hearing as August 23.
Byju's did not immediately respond to a request to comment on the court order.
During the court hearing, both the Indian cricket board and Byju's lawyers opposed the request from Glas Trust.
Byju's lawyer, Abhishek Manu Singhvi, raised concerns in court that putting on hold the tribunal's decision would revive the entire insolvency proceedings.
Just this month, Byju's had agreed to pay $19 million in dues to the cricket board to settle their dispute and get insolvency quashed, but Wednesday's ruling is set to complicate matters for the company.
Glas has argued Byju's used the money owed to lenders to clear the cricket board's dues.
Byju's, which operates in more than 21 countries, became popular during the COVID-19 pandemic by offering online education courses. It has around 27,000 employees, including 16,000 teachers.
It has warned that insolvency proceedings will likely force thousands of employees to quit and result in a total shutdown of its services.
PM Anthony Albanese said his government would run an age verification trial before introducing laws this year
Weinstein is serving a 16-year sentence after being convicted on rape charges by a California court
The company is in talks with other airlines to accommodate its stranded passengers in the event of flight cancellations
The two men were tried in absentia as Pakistan did not force them to appear at the high-security trial as requested by the Netherland
When Sheikh Khaled planted sapling at Rajghat, it was special; here's why
52,000 Gazan children would have started first grade on Monday
Historian Allan Lichtman reveals his much-discussed, once-every-four-years White House prediction, based on what he calls the '13 keys' method
A massive television audience is expected to tune in on Tuesday to watch Harris go toe to toe with Trump over what both are calling the most important election of modern times