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Earlier, the US lenders asserted that Byju’s must repay the $1.2-billion loan along with interest. They claimed the edtech company has failed to make any contractually due payment in more than 17 months.
On September 26, the Supreme Court temporarily halted all meetings concerning Byju’s insolvency proceedings, as Glas Trust, the trustee for lenders to which Byju’s owes $1.2 billion, moved the apex court challenging its removal from the committee of creditors (CoC) by interim resolution professional (IRP) Pankaj Srivastava.
Srivastava’s decision was based on the fact that Glas Trust did not represent the minimum 51% of lenders in the consortium that provided the loan to Byju’s.
The top court instructed Srivastava to maintain the status quo and not to hold any meeting of the lenders. However, it decided not to intervene in an appeal filed by Glas Trust, which sought to remove Srivastava.
Separately, the National Company Law Tribunal (NCLT) on Tuesday adjourned a matter between Byju’s investors and its parent, Think & Learn Pvt Ltd, to November 18, citing that the Supreme Court is looking into the matter.”
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The group of investors involved includes General Atlantic Singapore TL Pte Ltd, Peak XV Partners Investments IV, Peak XV Partners Investments V, Sofina SA and MIH Edtech Investments.On August 27, these five investors, who collectively hold 16.75% of the company’s issued and paid-up share capital, moved the the Supreme Court alleging “persistent acts of oppressive opacity, repeated violation of law and corporate governance norms, and gross mismanagement by the founders in managing the affairs of the company.”
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