Bankruptcy proceedings against ed-tech giant Byju's, India's biggest startup valued at $22 billion, could force thousands of employees out of their jobs and lead to a total shutdown of its services, its CEO said in a court filing.

Backed by investors such as Prosus and General Atlantic, Byju's has suffered a series of setbacks in recent months, including job cuts, a collapse in valuation and a dispute with investors who accused CEO Byju Raveendran of lapses in corporate governance. He, however, reiterated that he had done no wrong.

Byju's is facing its biggest crisis since an Indian tribunal began insolvency proceedings this week over the cricket board's complaint that it owed $19 million in dues related to a sponsorship deal. Baiju's assets were frozen and the board was suspended.

The insolvency process will result in declaration of default by vendors who provide critical services to Byju's for maintenance of online platforms, which will lead to "total shutdown of services and" disrupt "operations," Byju Raveendran told the court in his appeal seeking quashing of the insolvency process.

Employees of the company "will have to suffer... and may be forced to leave the organisation," the filing said, adding that Byju Raveendran was willing to pay the dues owed to the Indian cricket board within 90 days. Byju's has 27,000 employees, including 16,000 teachers.