By Indranil Sarkar and Arpan Chaturvedi
BENGALURU/NEW DELHI (Reuters) -Edtech business Byju’s, when India’s biggest start-up valued at $22 billion, will face insolvency procedures for failure to pay $19 million in charges to the nation’s cricket board, a tribunal stated on Tuesday.
Byju’s has suffered various problems in current years, consistingof conferenceroom exits and a tussle with financiers who implicated CEO Byju Raveendran of business governance lapses, task cuts and a collapse in its evaluation to less than $3 billion. Byju’s has rejected any misdeed.
A judgment by India’s business tribunal on Tuesday, following a grievance by the Board of Control for Cricket in India (BCCI), started insolvency procedures.
These will consistof the visit of an interim resolution expert, Pankaj Srivastava, who will manage the management of Byju’s as the business’s board of directors is suspended as per law.
CEO Raveendran will report to the resolution expert and the business’s possessions will stay frozen while the procedures continue.
In a declaration, Byju’s stated it wants to “reach an friendly settlement with BCCI and we are positive that, desp