Byju’s Averts Bankruptcy as Court Allows Debt Settlement (3)

Byju’s secured time to repay $19 million owed to India’s cricket governing board, a move that allows the online tutoring startup to avoid insolvency for now.

A companies’ appeals court in the southern Indian city of Chennai on Friday quashed an insolvency order issued by a lower court and ruled that Byju’s can settle the case with the Board of Control for Cricket in India. The firm owed the cricket overseer 1.59 billion rupees ($19 million) and its co-founder Riju Ravindran has so far paid 500 million rupees of the total.

The partial payment prompted the sports body to agree ...