Page 2 - Byju's

Edtech company Byju's in default of $1.5 bn loan, affirms Delaware SC

Allows US lenders to take control of firm's American assets, primarily Byju Alpha

We are now a separate entity from Byju's: Aakash CEO Deepak Mehrotra

Plan includes scaling up operations, bringing efficiency and setting up hybrid learning centres

Byju Raveendran apologises to employees, pledges support amid challenges

As a small token of appreciation, Raveendran said he has managed, against all odds, to borrow some funds and to compensate the employees and urged them to continue teaching

Glas Trust moves Supreme Court against Byju's resolution professional

A committee of creditors (CoC) is a group of lenders who make decisions about an insolvent company or borrower in the insolvency resolution process

US lenders counter Byju's claim, says edtech has to repay full $1.2 bn

US lenders represented by Glas Trust have countered BYJU's founder Byju Raveendran's claim on verified debt on the company being merely around Rs 20 crore, and have said that the beleaguered edtech firm will have to pay the entire USD 1.2 billion Term Loan B along with interest. The founder of Think and Learn (TLPL) and owner of BYJU'S brand, Byju Raveendran, had about a week ago said that verified debt on the company is only Rs 20 crore as per insolvency proceedings and he may not have to pay any money to the US lenders represented by Glas Trust. "Neither Byju nor the IRP have the authority to disqualify any term loan lender 'and even if they did, BYJU's would still be obligated to repay the full amount of the loan plus interest. Any argument otherwise is illegitimate, and Byju knows it," a steering committee of the ad hoc group of term loan lenders to Byju's Alpha, Inc said in a statement. Glas Trust has sued BYJU'S for the recovery of USD 1.2 bn TLB in US as well as in India. Th

Byju's bankruptcy ruling in US comes as a surprise for Indian official

The development was surprising and in conflict with insolvency proceedings in India

SC to hear plea related to insolvency proceedings against Byju's on Sept 17

The Supreme Court on Wednesday said it will hear on September 17 the appeal of US-based creditor Glas Trust Company LLC against a judgment of the NCLAT, which had stayed insolvency proceedings against ed-tech firm BYJU's and approved its Rs 158.9 crore dues settlement with the BCCI. A bench comprising Chief Justice D Y Chandrachud and Justices J B Pardiwala and Manoj Misra was urged by a battery of lawyers that the plea be heard urgently keeping in mind the subsequent developments in the case. The plea was mentioned by senior advocate NK Kaul, appearing for the ed-tech major, that the case needed to be heard at the earliest. The submission was supported by Solicitor General Tushar Mehta, appearing for the BCCI, and senior lawyer Abhishek Singhvi, also appearing for the ed-tech firm. Kaul said another plea in the case has also been filed and that is listed for hearing on September 17 and hence, the present plea be either heard on that day or the hearings in both the cases be advance

Byju's may not have to pay Glas Trust; verified claim is only Rs 20 cr: CEO

Think & Learn, which owns Byju's may not have to pay any amount for the disputed USD 1.2-billion Term Loan B due the present "behaviour" of Glas Trust -- an agency which is representing US-based lenders -- Founder and CEO of the edtach major Byju Raveendran said. In an interview to PTI, Raveendran said the verified debt claim on Byju's as per the insolvency resolution professional (IRP) is now only Rs 20 crore. Glas Trust has filed an appeal against Byju's claiming dues of USD 1.35 billion, or Rs 11,432.98 crore, arising out of the raising of USD 1.2 billion by the edtech firm as Term Loan B (TLB) from the lenders in the US. Raveendran said the TLB is a traded instrument that is currently trading around 20 cents, putting the current value of the debt raised by the company at USD 240 million. "The way they (Glas Trust) are acting, they are not going to get any money. They only might drop it to zero value. The first question, when Glas comes to the court, who is Glas? Now, we are ...

Byju's hits back, says BDO's lack of communication with IRP suspicious

Byju's statement further added that they had 'multiple call recordings', where BDO representatives explicitly suggested backdating these documents, which Byju's refused to do

Byju's auditor BDO resigns after start of bankruptcy proceedings, firm says

Byju's defended its inability to provide the documents, saying in a statement the materials were requested from the firm's board, which has been suspended

Employee claims against Byju's top Rs 300 crore in ongoing insolvency case

But these claims still need to be reconciled with the complete and accurate books of accounts and records from the corporate debtor, in this case, the former management of Byju's

Indian tax officials demand $101 million in Byju's insolvency process

The company is being run by court-appointed resolution professional Pankaj Srivastava who is inviting lenders, employees, vendors and government to claim unpaid dues

SC agrees to list plea related to insolvency proceedings against Byju's

The Supreme Court on Friday agreed to list for an early hearing the appeal of US-based creditor Glas Trust Company LLC against a judgment of the NCLAT, which had stayed insolvency proceedings against ed-tech firm BYJU's and approving its Rs 158.9 crore dues settlement with the BCCI. A bench comprising Chief Justice D Y Chandrachud and Justices J B Pardiwala and Manoj Misra was urged by senior advocate NK Kaul, appearing for the ed-tech major, that the case needed to be heard at the earliest. Kaul said, The only funding was done by the promoters and today no one has brought any external borrowing. We have to show today how malafide the petition (of US firm) is. I will get it listed as early as possible, the CJI, who was indisposed and in quarantine for the last few days, said. Senior advocate Kapil Sibal, appearing for the US-based creditor, said it also wanted an early hearing. Earlier on August 22, the bench had refused to pass an interim order to ensure that the committee of ...

NCLT asks US lenders of edtech company Byju's to file fresh appeal

This means that the US term loan lenders will not be party to the discussion of the CoC

Byju's lenders kicked off creditor panel by court official Srivastava

Lenders have been trying to force Byju's into an insolvency proceeding in a court in India for months, but with limited success

US lender Glas Trust not part of insolvency panel of Byju's: Report

Byju's was once a darling of global investors and valued at $22 billion in 2022, but is now facing insolvency due to its dispute with US lenders

Byju's foreign investors ask SC to hear their concerns in insolvency case

The four investors are the biggest foreign shareholders in Byju's with a combined stake of nearly 17 per cent

SC refuses to halt operations of CoC in edtech major Byju's insolvency case

The matter will now be heard on August 27

Cash-strapped Byju's insolvency case fans fears of employees, parents

India's Supreme Court is set to hold on Thursday its next hearing in the insolvency process it allowed to continue last week, when it sided with the protesting US lenders

Byju's hedge fund ally Morton seeks to keep lawyers as cash runs out

After the hearing, Morton said his Miami-based Camshaft Fund has run out of cash and owes money to creditors