NEW DELHI, Aug 14 (Reuters) - India's top court on

Wednesday revived insolvency proceedings against Byju's by

putting a previous tribunal order on hold, in a victory for U.S.

lenders that say they are owed $1 billion by the education

technology company.

The Supreme Court order is a setback to company founder Byju

Raveendran who earlier this month regained control of the

startup that was once India's most valuable at $22 billion.

Byju's did not immediately respond to a request to comment

on the court order.

The company was undergoing insolvency proceedings following

a complaint by India's cricket control body which said it was

not paid sponsorship dues. The two sides subsequently settled

the dispute and an appeals tribunal halted the insolvency

proceedings.

A revival of the proceedings will put control of the company

back in the hands of a court-appointed insolvency administrator.

The Supreme Court on Wednesday agreed to hear an appeal by

U.S.-based Glas Trust, which represents some lenders of a Byju's

group company, putting on hold the earlier order that had

quashed insolvency proceedings against Byju's.