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Now, Glas Trust Drags BYJU’S Resolution Professional To Supreme Court
Inc42
·
10m ago
Medial
Glas Trust has challenged its removal from BYJU'S committee of creditors and is seeking the removal of resolution professional Pankaj Srivastava. Aditya Birla Finance also moved the NCLT against Srivastava, accusing him of fraud.
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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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Byju’s insolvency proceedings: Glas Trust dropped from committee of creditors
Economic Times
·
11m ago
Medial
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.
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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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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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BCCI withdraws petition against Byju’s at NCLT for insolvency, says counsel for resolution professional
Economic Times
·
8m ago
Medial
The BCCI has taken steps to withdraw its insolvency petition against Byju's after a Supreme Court ruling quashed a previous order that allowed a settlement between the two. Byju's lenders, Glas Trust and Aditya Birla Finance, oppose the withdrawal and are seeking the removal of the resolution professional (RP) as well as the reconstitution of the committee of creditors (CoC). The RP's counsel stated that the intent of Glas Trust is to obstruct the proceedings. The judge's requirement for the withdrawal includes a bank guarantee. The Supreme Court had previously ordered the amount deposited by BCCI to be given to the CoC.
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BYJU'S US lenders move SC over removal from creditors' committee
Inshorts
·
10m ago
Medial
Glas Trust Company, a trustee for BYJU'S US lenders, has moved the Supreme Court over its removal from the committee of creditors (CoC) by the interim resolution professional (IRP). "[Glas Trust's] stake is 99.41% and this has been reduced to zero by the IRP," the company's advocate Kapil Sibal said. Glas Trust seeks a stay on CoC's proceedings.
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BYJU’S Insolvency: EY Quits As Advisor To IRP Pankaj Srivastava
Inc42
·
10m ago
Medial
EY Restructuring has resigned as the advisor to the IRP (Interim Resolution Professional) during the first meeting of the CoC (Committee of Creditors). This development comes as multiple creditors of BYJU'S have taken IRP Pankaj Srivastava to court. A consortium of US-based lenders of BYJU'S, known as Glas Trust, has recently filed a petition with the Supreme Court challenging Srivastava's decision to remove it from the CoC.
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BYJU’S Insolvency: NCLT Postpones Decision On Glas Trust’s Plea Against CoC Meetings
Inc42
·
11m ago
Medial
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.
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Supreme Court declines Byju’s plea to block formation of creditors’ committee | Mint
Livemint
·
11m ago
Medial
The Supreme Court has denied Byju's plea to prevent the resolution professional of the bankrupt edtech company from forming a committee of creditors. The court has agreed to hear the case in detail on 22 August. Byju's had earlier revived the insolvency case against them, following an appeal by US-based lender Glas Trust Inc, claiming that Byju's owed them over ₹8,000 crore. The court has directed the Board of Control for Cricket in India (BCCI) to deposit a settlement amount of ₹158 crore from Byju's in a separate escrow account until the resolution of an appeal by the US lender.
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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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