Troubles mounted at Byju’s when overseas lenders of the edtech firm filed an insolvency petition in the National Company Law Tribunal. The insolvency petition was reportedly filed earlier this week at the Bangalore bench.

The lenders who have taken this action are those who have extended over 85 per cent of its $1.2 billion Term Loan B and it comes after Byju’s had allegedly missed an interest payment.

Responding to the petition, Byju’s said in a statement that their step was premature and baseless.

"As we have stated before, the validity of lenders’ actions, including acceleration of the term loan, is pending and under challenge in several proceedings, including before the New York Supreme Court,’’ the statement added.

This is not the first time such action that is being faced by Byju’s.

In December last year, the Board of Control for Cricket in India (BCCI) had alleged that the edtech firm had defaulted on a payment of Rs 158 crore and it had approached the Bangalore bench of the NCLT to initiate corporate insolvency proceedings.

Byju’s had subsequently moved to refer the dispute to arbitration. Recently, the Bangalore bench of the NCLT deferred the hearing to February 7.

The development comes days after Blackrock lowered the valuation of Byju’s to less than $1 billion compared with the peak valuation of $22 billion in March 2022.

Byju’s also filed its results after a long delay. It reported a widening of operational loss to Rs 6,679 crore in 2021-22.