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Byju Raveendran files caveat before Supreme Court against creditor Glas Trust Company
Economic Times
·
1y ago
Medial
Byju Raveendran has filed a caveat before the Supreme Court against US-based creditor Glas Trust Company LLC, following the NCLAT's order to restore the board of edtech major Byju's and set aside insolvency proceedings against it. Glas Trust has opposed a dues settlement with the Board of Control for Cricket in India, alleging tainted money and round-tripping. Byju Raveendran filed the caveat to be heard before any Supreme Court order on the matter. The NCLAT approved the dues settlement and dismissed the 'round-tripping' allegations. Byju's has faced financial troubles and a drop in valuation recently.
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Byju Raveendran moves SC with caveat against Glas Trust Company
Inshorts
·
1y ago
Medial
Edtech giant BYJU’S founder Byju Raveendran has filed a caveat before the Supreme Court against its US-based creditor Glas Trust Company LLC. This move follows an order from the National Company Law Appellate Tribunal (NCLAT) that restored the board of the company and set aside insolvency proceedings.
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Byju's US lenders appeal insolvency-quashing order before India's Supreme Court
Economic Times
·
12m ago
Medial
Some lenders of India's education startup Byju's have appealed to the country's Supreme Court opposing the verdict that dismissed insolvency proceedings against the company. US-based Glas Trust filed an appeal challenging the tribunal's decision that allowed Byju's and the cricket control board to settle a $19 million payment case. Glas had previously opposed the settlement, claiming founder Byju Raveendran and his brother used the money owed to lenders to clear the cricket board's dues. The Supreme Court will review the appeal on Monday. Byju's has faced various challenges recently, including internal issues and disputes with investors.
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Byju files caveat in SC expecting challenge to NCLAT order
Inshorts
·
1y ago
Medial
BYJU'S CEO Byju Raveendran filed a plea in Supreme Court requesting to be heard before the court decides on a likely plea by US lenders opposing NCLAT's order ending insolvency proceedings against BYJU'S. US lenders had objected to the BYJU'S-BCCI settlement, alleging Byju of using money stolen from them. Byju's brother Riju paid for settlement with BCCI using personal assets.
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Byju Raveendran challenges NCLT ruling on creditor panel reconstitution, RP appointment
Economic Times
·
4m ago
Medial
Byju Raveendran, CEO of Byju's, is challenging a National Company Law Tribunal ruling that included creditors Glas Trust and Aditya Birla Finance in the committee for Think & Learn, against the reconstitution done by interim resolution professional Pankaj Srivastava. Raveendran argues the decision is flawed as it selectively accepts and ignores developments. Concerns also arise over Aditya Birla's creditor status and Srivastava's misleading conduct, prompting appeals and questions of fraud in the process.
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Byju's legal battles: US court ruling, new RP and whistleblower claims
Economic Times
·
5m ago
Medial
Byju’s is facing legal challenges after the US Bankruptcy Court in Delaware found that founder Byju Raveendran and others defrauded its US entity and lenders. Allegations include fund misappropriation and breach of duties. In India, Glas Trust is pursuing legal action against Byju's in the NCLT. Raveendran has accused Glas Trust, EY, and a former resolution professional of collusion, demanding an investigation. A new resolution professional has been appointed amid ongoing disputes.
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SC agrees to list plea related to insolvency proceedings against Byju's
Economic Times
·
11m ago
Medial
The Supreme Court has agreed to an early hearing of the appeal from US-based creditor Glas Trust Company LLC against the NCLAT's judgment. The NCLAT had stayed insolvency proceedings against BYJU's and approved its settlement of Rs 158.9 crore with the BCCI. Senior advocates urged the court to hear the case as soon as possible. The Supreme Court had previously refused to pass an interim order to halt the insolvency proceedings and listed the plea for a final hearing on August 27.
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Why Byju's creditors have dragged the RP to courts
Livemint
·
10m ago
Medial
Aditya Birla Finance and Glas Trust have accused the resolution professional (RP) of Byju's, Pankaj Srivastava, of wrongful practices in the bankruptcy process. Glas Trust is seeking reinstatement in the committee of creditors (CoC) and has taken the matter to the Supreme Court. Aditya Birla Finance has filed a plea in the National Company Law Tribunal (NCLT) against Srivastava over the alleged misclassification of the lender as an operational creditor. The rift between the creditors and the RP could impact the resolution process of Byju's. The Supreme Court's decision will provide clarity on the matter.
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Supreme Court halts creditors meeting in Byju’s insolvency case
Livemint
·
10m ago
Medial
The Supreme Court has instructed Byju's resolution professional not to conduct meetings of the committee of creditors until the court issues its final judgement. This decision will delay the bankruptcy resolution proceedings for the edtech firm. Glas Trust Inc., a creditor, filed an application against the resolution professional for removing the US lender from the committee of creditors. Glas Trust is also seeking the removal of the insolvency expert. Byju's owes more than ₹15,000 crores to its financial and operational creditors. Senior counsel Kapil Sibal argued that there was "gross misconduct" by the resolution professional in removing the US creditor from the committee.
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Aditya Birla Finance accuses Byju’s insolvency professional of fraud in creditor classification
Livemint
·
11m ago
Medial
Aditya Birla Finance has accused Byju's interim resolution professional of fraud in the ongoing insolvency resolution process. Aditya Birla Finance has filed a plea in the National Company Law Tribunal, claiming that it was classified as an 'operational creditor' instead of a 'financial creditor'. The court has given the resolution professional a week to respond. US-based Glas Trust, another creditor of Byju's, has also filed a plea against the resolution professional, seeking their removal. The plea is yet to be decided on merits by the Supreme Court.
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Byju’s founder files FIR against former resolution professional, EY, Glas Trust
Economic Times
·
4m ago
Medial
Byju Raveendran, founder of edtech company Byju's, has filed a police complaint against Pankaj Srivastava, former resolution professional of Think & Learn, Glas Trust, and EY employees, alleging a criminal conspiracy against the company. The allegations involve collusion and fraud related to Byju’s insolvency proceedings. The case is under review by NCLT and NCLAT. Byju's, amid insolvency proceedings, faces legal challenges following disputed resolutions and sponsorship deal settlements with BCCI.
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