The Indian government has ordered an inspection into the account books of edtech startup Byju’s account books. The Ministry of Corporate Affairs has sought a report in Six weeks.

The inspection follows an internal assessment of the company’s state of affairs; based on the finding of the inspection, the government will decide if the matter needs to be handed over to the Serious Fraud Investigation Office.

Thus Byju’s restarts negotiations to restructure its $1.2 billion term loan after breaching its term agreement. This inspection would be another headache for the firm.

Once a Symbol of India’s booming startup scene, Byju’s attracted billions of dollars from global investors. The COVID-19 pandemic has boosted the demand for online education services.

The company has cut thousands of jobs recently and seeks to raise more than a billion dollars to tide over the current financial crunch.

Troubles have been mounting for the edtech company, with the company raided by a financial crime-fighting agency over suspected foreign exchange laws and in a legal spat with lenders over restructuring a $1.2 billion term loan.

Representatives of three influential backers, including Peak XV, Prosus NV, and the Chan-Zuckerberg Initiative, quit Byju’s board the same week, underscoring a rapid erosion of trust within the company’s ranks.