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NCLT Directs BYJU’S US-Based Lenders’ To Stake Their Claim Before Resolution Professional

Inc42 · 1y ago

NCLT Directs BYJU’S US-Based Lenders’ To Stake Their Claim Before Resolution Professional

The National Company Law Tribunal (NCLT) has directed US-based lenders, represented by GLAS Trust, to present their claims to the interim resolution professional (IRP) in the ongoing resolution process for BYJU's US entity. The Tribunal has also given GLAS Trust the freedom to restore its petition based on future developments at the appellate level. GLAS Trust represents more than 100 lenders who have invested in BYJU's US-based operations.

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BYJU’S Insolvency: NCLT Postpones Decision On Glas Trust’s Plea Against CoC Meetings

Inc42 · 11m ago

BYJU’S Insolvency: NCLT Postpones Decision On Glas Trust’s Plea Against CoC Meetings

The NCLT has denied a stay on the committee of creditors (CoC) meetings, citing a previous Supreme Court ruling. The consortium of US-based lenders, Glas Trust, has been asked to submit a fresh plea challenging its removal from the CoC. This development follows allegations by the US lenders against BYJU'S insolvency resolution professional of fraud and secretly attempting to reject their $1.35 billion claim against the struggling edtech company.

NCLAT adjourns Byju’s case hearing to November 6

Economic Times

Economic Times · 10m ago

NCLAT adjourns Byju’s case hearing to November 6

- 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.

Go First insolvency: NCLT seeks suspended management’s view on liquidation plea | Mint

Livemint

Livemint · 11m ago

Go First insolvency: NCLT seeks suspended management’s view on liquidation plea | Mint

The National Company Law Tribunal (NCLT) has sought a response from the suspended management of Go First, the bankrupt airline, regarding a liquidation plea filed by the resolution professional. The NCLT has scheduled a hearing for 4 October and has questioned the resolution professional about the funds that would be obtained from an ongoing arbitration case against Pratt & Whitney (P&W) and how they would be distributed. The resolution professional mentioned that lenders have engaged a US-based litigation finance firm to finance the arbitration, which the NCLT expressed reservations about. Go First owes creditors approximately ₹6,200 crore.

Byju’s insolvency proceedings: Glas Trust dropped from committee of creditors

Economic Times

Economic Times · 11m ago

Byju’s insolvency proceedings: Glas Trust dropped from committee of creditors

Glas Trust Co LLC, the trustee for lenders owed $1.2 billion from Byju’s, has been removed from the committee of creditors by the insolvency resolution professional. The decision was made because Glas Trust does not represent the minimum 51% of lenders required to be part of the CoC. The US lenders have also moved to seek the removal of the insolvency resolution professional. Byju’s had disqualified most of the lenders represented by Glas Trust, citing its right to exclude predatory lenders. The Supreme Court is also hearing an appeal by Glas Trust opposing a settlement deal with BCCI.

Byju's legal battles: US court ruling, new RP and whistleblower claims

Economic Times

Economic Times · 5m ago

Byju's legal battles: US court ruling, new RP and whistleblower claims

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.

Court official excludes US lenders from Byju’s creditors committee: Report | Mint

Livemint

Livemint · 11m ago

Court official excludes US lenders from Byju’s creditors committee: Report | Mint

US lenders attempting to collect over $1.2 billion from Think & Learn (Byju's) have been removed from the creditors committee overseeing the insolvency case against the Indian education tech company. The lenders accused the interim resolution professional, Pankaj Srivastava, of plotting to reject their claims and manipulating the creditors vote. They argue that Srivastava's actions of stripping them of their claims are unprecedented and illegitimate. The lenders have been trying to force Byju's into an insolvency proceeding in an Indian court for months, with limited success. The case is also being fought in the US, where lenders are trying to locate $533 million allegedly hidden by Byju's founder, Byju Raveendran.

NCLT directs Byju’s to maintain status quo, halting $200 million rights issue

Economic Times

Economic Times · 1y ago

NCLT directs Byju’s to maintain status quo, halting $200 million rights issue

The National Company Law Tribunal (NCLT) has ordered Byju's to maintain status quo in its shareholding, pausing its controversial rights issue. Byju's $200 million rights issue is being conducted at a 99% discount, sparking protests from investors. NCLT has asked Byju's to pause its second rights issue and keep cash from the first rights issue in an escrow account. The tribunal also requested details of share allotment and escrow bank accounts within 10 days. The matter will be heard again on July 4. In addition, lenders have petitioned a US court to initiate bankruptcy proceedings against Byju's subsidiaries.

Hindustan National Glass: NCLAT decides against change of RP, directs NCLT to decide on bids

Economic Times

Economic Times · 26d ago

Hindustan National Glass: NCLAT decides against change of RP, directs NCLT to decide on bids

The insolvency appellate tribunal, NCLAT, overturned the NCLT's decision to replace the resolution professional for Hindusthan National Glass Industries (HNG). NCLAT instructed NCLT to proceed with bid approvals per the Supreme Court's directions. The Supreme Court had set aside NCLT's previous orders, as AGI Greenpac's resolution plan lacked necessary CCI approval. The court required HNG's creditors to reevaluate resolutions, particularly considering Independent Sugar Corporation. NCLAT allowed NCLT to finalize Insolvency Resolution Process.

Aditya Birla Finance accuses Byju’s insolvency professional of fraud in creditor classification

Livemint

Livemint · 11m ago

Aditya Birla Finance accuses Byju’s insolvency professional of fraud in creditor classification

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.

Byju’s case: Glas Trust, Aditya Birla Finance inducted into CoC

Economic Times

Economic Times · 6m ago

Byju’s case: Glas Trust, Aditya Birla Finance inducted into CoC

The National Company Law Tribunal (NCLT) ruled to reinstate Glas Trust and Aditya Birla Finance as financial creditors in Byju’s Committee of Creditors (CoC), following their removal. The tribunal criticized the insolvency resolution professional (RP) for biased conduct and misleading the tribunal, leading to potential disciplinary action. The NCLT nullified the CoC's reconstitution decisions, emphasizing that any reconstitution powers belong to the NCLT, highlighting the ongoing legal complexities surrounding Byju's insolvency proceedings.

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