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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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Supreme Court revives insolvency proceedings against Byju's
VCCircle
·
11m ago
Medial
India's Supreme Court has revived insolvency proceedings against education startup Byju's, in a victory for its lenders. The court put a previous order on hold after U.S.-based Glas Trust, representing some lenders of a Byju's group company, filed an appeal challenging the decision to scrap the insolvency proceedings.
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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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US bankruptcy court dismisses lenders’ plea against Byju’s-BCCI settlement
Economic Times
·
1y ago
Medial
The Delaware Bankruptcy Court has rejected an attempt by Glas Trust Company to block Byju's settlement deal with the Board of Control for Cricket in India (BCCI) over an overdue payment. Byju's had raised $1.2 billion from US lenders and is using personal funds to settle the payment. The National Company Law Appellate Tribunal (NCLAT) approved the settlement and dismissed insolvency proceedings against Byju's. The lenders may appeal the NCLAT order in the Supreme Court. Byju's legal counsel criticized the US court's interference, calling it "forum shopping."
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NCLAT adjourns Byju’s case hearing to November 6
Economic Times
·
10m ago
Medial
- Case involving Byju's and US lenders adjourned to November 6 by NCLAT. - US lenders demand repayment of $1.2 billion loan from Byju's. - Supreme Court temporarily halts all meetings regarding Byju's insolvency proceedings. - Glas Trust moves apex court challenging its removal from Byju's committee of creditors. - Supreme Court instructs interim resolution professional to maintain status quo and not hold lenders' meeting. - Separate matter between Byju's investors and parent company adjourned to November 18 by NCLT.
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General Atlantic, Prosus ask Supreme Court to hear their concerns in Byju's insolvency
VCCircle
·
11m ago
Medial
Foreign investors in Indian edtech firm Byju's, including General Atlantic and Prosus, are urging India's Supreme Court to consider their concerns as the court decides on the company's future during its ongoing insolvency proceedings. Byju's, once valued at $22 billion, has faced a legal dispute with US lenders seeking $1 billion in unpaid dues, leading to its insolvency. The investors, who together hold nearly 17% stake, have expressed concerns over mismanagement at the company, similar to the US lenders. Byju's declined to comment on the matter.
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BYJU’S US Lenders Move SC Against NCLAT Order To Quash Insolvency Proceedings
Inc42
·
12m ago
Medial
Glas Trust Company, a consortium of US-based lenders, has filed a plea in the Supreme Court challenging the NCLAT order that quashed insolvency proceedings against BYJU'S. The NCLAT had previously stated that BYJU'S had reached an agreement with the BCCI to pay off its dues. However, the US-based lenders opposed the agreement, claiming that funds allegedly syphoned from them would be used to pay the BCCI.
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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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Byju’s investors file caveats in SC
Thehindubusinessline
·
1y ago
Medial
Investors of Byju's, the edtech company, have filed a plea with the Supreme Court to be heard before the court decides on a potential plea against a National Company Law Tribunal (NCLT) order. The investors, including General Atlantic and Sofina, have lodged separate caveats at the top court. This comes after the NCLT directed Byju's to hold the proceeds from a rights issue in a separate account until the disposal of an oppression and mismanagement plea by investors. Byju's has faced several legal challenges recently, including insolvency petitions from US lenders and the Board of Control for Cricket in India.
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SC reserves verdict on plea against NCLAT order stopping insolvency proceedings against Byju's
Economic Times
·
10m ago
Medial
The Supreme Court reserved its verdict on a US firm's plea against the National Company Law Appellate Tribunal (NCLAT) order that halted insolvency proceedings against Byju's. The court asked the insolvency resolution professional to maintain status quo until the judgment is delivered. The NCLAT had earlier set aside the insolvency proceedings against Byju's and approved its dues settlement with the BCCI. The Supreme Court questioned the NCLAT's decision and hinted at sending the dispute for fresh adjudication. The court stayed the NCLAT verdict and issued notices to Byju's and others.
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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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