Business: Edtech startup company Byju's is currently undergoing the insolvency process. Byju's, which once managed to achieve the status of India's most valuable startup company, owes billions of dollars to its creditors. The tax department has also claimed tax dues of more than $100 million against the company.

Claims being sought in the insolvency process

This claim was made in a Reuters report on Friday. Reuters claims that it has arrived at this figure after looking at the documents related to Byju's insolvency process. The edtech company is currently being run by court-appointed resolution professional Pankaj Srivastava. Srivastava is seeking claims for dues from lenders, employees, vendors and the government as part of the insolvency process.

Tax department owes Rs 850 crore

The report cites documents from the Insolvency and Bankruptcy Board of India saying that the central government's tax department has claimed $18.7 million from Byju's. While the Karnataka tax department has claimed $82.3 million from the company. This makes the total tax dues claim to be $101 million. This is about Rs 850 crore in Indian currency.

Total outstanding claims against the company

According to the documents of the Insolvency and Bankruptcy Board of India (IBBI), claims of dues worth more than $1.5 billion have been received so far under the ongoing insolvency process of Byju's. These claims have been made by 1,887 creditors. Most of these claims are currently being reviewed.

At one time the value of the company had become so much

Byju's once became India's most valuable startup company and was considered the shining star of the startup world. The value of the edtech company touched a peak of $22 billion in 2022. Later, the company got caught in one crisis after another. Its lenders in the US alone have demanded more than $1 billion in outstanding debt from the company. Currently, there is a freeze on the company's assets.