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US bankruptcy court issues ruling in favour of Byjus term loan lenders

ThehindubusinesslineThehindubusinessline · 7m
US bankruptcy court issues ruling in favour of Byjus term loan lenders

A United States bankruptcy court has granted a preliminary injunction in favour of Byju's Alpha, Inc. against Riju Ravindran, Inspilearn LLC, and Camshaft Capital Fund, LP and its affiliates. The court ordered Byju Raveendran and Divya Gokulnath to comply with its ruling, as they were found to be working in concert with the defendants. The defendants and the individuals involved are now prohibited from transferring or using the $533 million loan proceeds that were previously held by Camshaft Capital Fund, LP and transferred to an undisclosed offshore trust. The court also ordered the arrest of William Morton, founder of Camshaft Capital Fund, LP, for refusing to provide information about the transfer of funds. The term loan lenders are committed to recovering the missing $533 million.

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