According to sources, Byju's in India plans to appeal the insolvency proceedings.

Indian education technology company Byju's plans to contest the insolvency proceedings initiated against it, according to two sources. The company, which was once valued at $22 billion, is currently facing a financial crisis. On Tuesday, the National Company Law Tribunal in Karnataka ordered insolvency proceedings following a complaint from the cricket board over $19 million in unpaid dues. A court-appointed professional has been placed in charge of the company.

Byju's has experienced several challenges recently, including the resignation of board members, conflicts with investors accusing CEO Byju Raveendran of corporate governance issues, job cuts, and a significant drop in its valuation to under $2 billion. The company has denied any misconduct.

This week, Byju's intends to file an appeal with the companies law appeals tribunal in New Delhi to block the insolvency process. One source mentioned that while settlement discussions with the Indian cricket board are ongoing, the company is keen to halt the insolvency proceedings.