Byju's Bankruptcy Case: US Court Dismisses Glas Trust's Plea

Raveendran's Edtech Giant Faces Uncertain Future

Key Developments in the Ongoing Legal Battle

A US bankruptcy court has dealt a blow to Byju Raveendran's embattled edtech company, Byju's, by dismissing a plea filed by Glas Trust, a group of American lenders. The move leaves Byju's facing an uncertain future as it grapples with a potential insolvency proceeding.

The court's decision follows a settlement between Byju's and the Board of Control for Cricket in India (BCCI), which was approved by the National Company Law Appellate Tribunal (NCLAT) last week. The settlement, which saw Byju's terminate its sponsorship deal with the BCCI, was seen as a potential lifeline for the struggling company.

However, the Reserve Bank of India's (RBI) recent increase in the transaction limit for tax payments via UPI to Rs 5 lakh has also raised concerns for Byju's. The company is reportedly planning to contest the insolvency proceedings initiated by creditors, but the RBI's move could complicate the situation further.