Indian ed-tech company Byju will appeal the insolvency proceeding started against it in an attempt to block the process as the company negotiates with the BCCI to settle a dispute.
According to Reuters, which cited unnamed sources, the appeal will be filed this week in Delhi.
The National Company Law Tribunal had ordered insolvency against Byjus in Karnataka.
The complaint was lodged against the ed tech platform by the cricket board for not paying $19 million in dues. The professionals appointed by the court are running the company as of now.
Byju's has gone through various setbacks in recent years like boardroom exits and a struggle with investors who accused the CEO of the company, Byju Raveendran of job cuts, corporate governance lapses, and a collapse in its valuation to less than $2 billion.