(Updates with latest developments)

By Ashwin Manikandan and VarunVyas Hebbalalu

BENGALURU/MUMBAI, Aug. 14 (Reuters) - India's top court

revived insolvency proceedings against edtech company Byju's on

Wednesday following a lawsuit from U.S. lenders.

The latest court order deepens a crisis that has seen the

one-time market darling's valuation plunge from about $22

billion to less than $2 billion.

Here is an overview of Byju's and its troubles:

WHAT TRIGGERED THE INSOLVENCY?

The Indian cricket board last year asked a tribunal to

initiate insolvency proceedings against Byju's for defaulting on

$19 million of dues. The dispute is over payments related to

sponsorship rights for the Indian cricket team's jerseys.

The two sides had settled the matter, with Byju's agreeing

to pay the full amount. Following that, an appeals tribunal

quashed the insolvency proceedings against the company.

WHAT ARE THE U.S. LENDERS SAYING?

The settlement and the quashing of insolvency proceedings

prompted U.S. lenders represented by Glas Trust to approach

India's Supreme Court.

These lenders say they are owed $1 billion by the company.

Glas argues that Byju's is using the money owed to lenders

to pay the cricket board.

India's Supreme Court stayed the tribunal's order and will

re-start insolvency proceedings against Byju's.

WHAT'S THE TUSSLE WITH INVESTORS?

In February, a group of shareholders, including tech

investor Prosus, alleged "financial mismanagement and compliance

issues" at Byju's and called for the removal of founder and CEO

Byju Raveendran, and a reconstitution of the board.

"We are deeply concerned about the future stability of the

company under its current leadership and with the current

constitution of the Board," the shareholders said.

Byju's, which has denied mismanagement, says the investors

don't have the power to vote out its CEO.

In June, Prosus wrote off the value of its 9.6% stake in

Byju's, making the Dutch firm the first to fully write-off its

investment in the troubled startup.

WHY DID DELOITTE, BOARD MEMBERS RESIGN?

Last year, Deloitte said it was resigning as auditor because

Byju's had delayed financial statements for the year ending

March 31, 2022. Deloitte said it did not receive necessary

documents even after writing several letters to the board.

Three board members of Byju's - representing investors Peak

XV Partners (previously Sequoia Capital India), Prosus and Chan

Zuckerberg Initiative - also stepped down.

WHAT DOES BYJU'S DO?

Byju's says it is the "world's largest education technology

company". It offers online tutorials on subjects such as maths,

physics and chemistry for school students.

The online business boomed during the COVID-19 pandemic.

Byju's valuation shot up from $5 billion before the pandemic to

$22 billion in 2022, and it acquired several companies on the

way.

WHO ARE BYJU'S FOUNDERS?

Byju's is run by its founder, Byju Raveendran, and his wife,

Divya Gokulnath. Raveendran, an engineer by training whose

parents were teachers, started teaching mathematics to friends,

and built the business as its popularity grew.

He launched Byju's in 2011 and its app in 2015.