Byju’s Bankruptcy Ruling in US Catches Indian Official Off Guard

A US court ruling that placed into bankruptcy units associated with Indian education technology company Byju’s took an official in the firm’s home country by surprise.

The decision, made at a Tuesday hearing in Delaware, will lead to involuntary Chapter 11 bankruptcy of units including Neuron Fuel Inc., Epic! Creations Inc. and Tangible Play Inc., court papers showed. The order was made as a default judgment after the units failed to share requested information with creditors.

The development was “surprising” and “in conflict” with insolvency proceedings in India, wrote Pankaj Srivastava in a letter following the decision. ...