New Delhi. Edtech company Byju's has filed a petition in the Karnataka High Court saying that if the bankruptcy proceedings initiated against it are not stopped, not only will thousands of employees lose their jobs but the services being provided by the company will also stop completely.

Byju's gave clarification

Byju's, backed by investors such as Prosus and General Atlantic, has faced a number of troubles in recent months. This includes job cuts, a drop in the company's valuation and a tussle with investors.

BCCI's petition was accepted 

Investors have accused CEO Byju Ravindran of lapses in corporate governance. However, the company has denied any wrongdoing. The company's latest trouble started when the National Company Law Tribunal (NCLT) accepted the petition of the Board of Control for Cricket in India (BCCI) to initiate bankruptcy proceedings against it.

This case is related to the sponsorship agreement between Byju's and BCCI for the Indian cricket team's jersey. BCCI had filed a petition against Byju's parent company Think and Learn Private Limited last year to recover the outstanding amount of Rs 158.9 crore. Byju's has filed a petition in NCLAT against this. Byju's assets have been confiscated and its board has been suspended.