Fri Sep 06 16:21:59 UTC 2024: – Indian tax authorities are seeking dues of $101 million from education-technology company Byju’s, which is undergoing an insolvency process
– Byju’s was valued at $22 billion in 2022 but has seen its fortunes dwindle due to regulatory issues and disputes with U.S. lenders
– The company’s insolvency has led to an assets freeze and is being run by a court-appointed resolution professional
– India’s department of revenue and the tax department of Karnataka are seeking a total of $101 million in unpaid dues
– Claims worth over $1.5 billion from 1,887 creditors have been made, with most still under review
– Byju’s has around 27,000 employees and operates in over 21 countries
– The insolvency threatens to be a big upset in the startup sector, sparking a battle by employees to recover dues and protect their careers.

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