An Indian court allowed insolvency proceedings to begin against online tutor Byju’s, and installed an interim resolution professional to replace the firm’s once-storied founder.
The country’s powerful cricket governing body initiated the process — Byju’s used to sponsor the national team — and the court order invited other financial creditors, employees of the firm and vendors to file claims. The “existence of a debt and a default in the payment of debt is clearly established,” the National Company Law Tribunal said Tuesday, adding it found no reason to deny the petition filed by the Board of Control for Cricket in India.