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BYJU'S co-founder challenges GLAS Trust's authority in insolvency case, calls it 'fraud'

YourStory

YourStory · 2m ago

BYJU'S co-founder challenges GLAS Trust's authority in insolvency case, calls it 'fraud'

Riju Ravindran, co-founder of Think and Learn, which owns BYJU'S, has petitioned the National Company Law Tribunal (NCLT) to challenge GLAS Trust's authority as a financial creditor. Ravindran alleges that GLAS, which represents a consortium of lenders to BYJU'S, lacks the necessary endorsement to act on behalf of the majority of creditors. He also seeks the removal of GLAS from the Committee of Creditors, claiming their actions are unauthorized and fraudulent.

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Riju Ravindran moves NCLT, alleges GLAS Trust has no authorisation to represent its US-based lenders

Economic Times

Economic Times · 2m ago

Riju Ravindran moves NCLT, alleges GLAS Trust has no authorisation to represent its US-based lenders

Riju Ravindran, co-founder of Think and Learn, has approached NCLT to challenge GLAS Trust's representation in Byju's creditor proceedings, claiming it falsely portrays itself as a financial creditor. Ravindran argues GLAS only represents 17.38% voting rights and seeks its removal, stating decisions with GLAS's involvement should be nullified. This move questions GLAS's authority without backing from a majority of lenders and alleges manipulation of the insolvency process.

EY-backed RP sues Byju’s Dubai-based marketing agent for Rs 1,597 crore - The Economic Times

Economic Times

Economic Times · 29d ago

EY-backed RP sues Byju’s Dubai-based marketing agent for Rs 1,597 crore - The Economic Times

Think and Learn, facing insolvency, has sued Dubai-based More Ideas General Trading for Rs 1,597 crore over alleged unpaid dues. Byju Raveendran and other former directors are also implicated. Byju's founders dispute these claims, arguing the resolution professional is deflecting from their own challenges to the insolvency proceedings and GLAS Trust's authority. The dispute involves marketing rights for Byju's products in several Middle Eastern countries under a revenue-sharing arrangement.

Byju’s founder files FIR against former resolution professional, EY, Glas Trust

Economic Times

Economic Times · 4m ago

Byju’s founder files FIR against former resolution professional, EY, Glas Trust

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.

BYJU’S Crisis: Now, NCLT Admits Insolvency Plea Of Its Term Loan B Lenders

Inc42 · 1y ago

BYJU’S Crisis: Now, NCLT Admits Insolvency Plea Of Its Term Loan B Lenders

The National Company Law Tribunal (NCLT) has admitted an insolvency plea filed by creditors against edtech giant BYJU'S. The case was filed by Glas Trust Company, representing the majority of BYJU'S $1.2 billion Term Loan B lenders. This marks the fourth insolvency petition against BYJU'S in the past six months. The plea was admitted a month after it was filed, and the NCLT has issued notices for all insolvency petitions filed against the company. BYJU'S has been facing various challenges, including layoffs, debt crisis, and growing losses.

Byju's US lenders appeal insolvency-quashing order before India's Supreme Court

Economic Times

Economic Times · 12m ago

Byju's US lenders appeal insolvency-quashing order before India's Supreme Court

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.

Byju Raveendran denies making secret payments to government officials to resolve FEMA cases - The Economic Times

Economic Times

Economic Times · 21d ago

Byju Raveendran denies making secret payments to government officials to resolve FEMA cases - The Economic Times

Byju Raveendran, founder of Byju's, denied allegations in a Delaware court, where Glas Trust's counsel accused him of negotiating unofficial payments with Indian officials to resolve cases. Raveendran refuted the claims as baseless, stating he wasn't a party to the case and couldn't defend himself. The lawsuit involves a $1.2 billion loan and accusations of fund misappropriation, with Raveendran asserting no money is missing and denying involvement in unofficial deals.

BYJU’S IRP Ousts Glas Trust From Committee Of Creditors

Inc42 · 11m ago

BYJU’S IRP Ousts Glas Trust From Committee Of Creditors

IRP Pankaj Srivastava has decided to replace Glas Trust as the representative of lenders in the consortium providing a $1.2 billion TLB loan to BYJU'S. Glas Trust has subsequently filed a plea to remove Srivastava as the IRP. This situation adds to BYJU'S challenges as it faces insolvency proceedings, financial difficulties, staff layoffs, losses, and conflicts with investors.

Facing insolvency, Byju's hit with new challenge from lenders

Economic Times

Economic Times · 1y ago

Facing insolvency, Byju's hit with new challenge from lenders

US-based Glas Trust is urging an Indian court to continue insolvency proceedings against ed-tech giant Byju's, as lenders it represents are owed $1 billion. Byju's, once valued at $22 billion, has faced numerous challenges including boardroom exits, an auditor resignation, and a dispute with foreign investors. The company is now facing insolvency after not paying the cricket board $19 million in sponsorship dues. Byju's former CEO claims the matter is settled, but Glas Trust alleges that the company used lenders' money to pay the cricket board. A court ruling in favor of Glas Trust could lead to further troubles for Byju's, including frozen assets and a potential shutdown.

NCLT Issues Notice To BYJU'S On Insolvency Plea By US Lenders

Inc42 · 1y ago

NCLT Issues Notice To BYJU'S On Insolvency Plea By US Lenders

The National Company Law Tribunal (NCLT) has issued a notice to edtech giant BYJU'S following a plea by US-based non-bank loan agency Glas Trust Company to initiate insolvency resolution proceedings. The tribunal has asked BYJU'S to file a response and listed the case for hearing in April. This comes after a group of investors, including Prosus and General Atlantic, filed a petition against BYJU'S CEO and promoters. Crisis mounts for BYJU'S as it faces multiple insolvency cases and legal disputes, including a case brought by the Board of Control for Cricket in India.

Byju’s insolvency: Brothers move court to keep creditors away from ₹158 cr settlement

Livemint

Livemint · 5m ago

Byju’s insolvency: Brothers move court to keep creditors away from ₹158 cr settlement

Byju's suspended directors are contesting a ₹158 crore settlement with the BCCI amid insolvency proceedings. The National Company Law Appellate Tribunal (NCLAT) is set to decide if the settlement was made before the Committee of Creditors (CoC) was formed. If favored, Byju's would exit insolvency. Byju's insolvency arose from a sponsorship payment default, causing disputes, particularly with dominant creditor Glas Trust. The case continues in the NCLAT.

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