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Byju’s US lenders invoke parent company's guarantee in insolvency proceedings
Economic Times
·
1y ago
Medial
The National Company Law Tribunal has directed Byju's to respond to two insolvency petitions filed against the company by US lenders and the Board of Control for Cricket in India. The first petition was filed by Glas Trust Company, the administrative agent for a group of lenders, claiming default on a $1.2 billion loan. The second petition is from BCCI, alleging non-payment of dues. Byju's has been given three weeks to file objections in the first case and a separate hearing is scheduled for the second case.
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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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Byju’s wins legal tussle over stake dispute with Aakash Institute
Business Today
·
1y ago
Medial
Edtech startup Byju's has won a legal battle against its lenders in a dispute over its subsidiary Aakash Institute. The civil court in Bengaluru dismissed the plea by Byju's lenders challenging the acquisition of a 40% stake in Aakash Institute by Manipal Group Chairman Ranjan Pai. The lenders argued that the debt-to-equity conversion at a reduced valuation harmed Byju's parent company, but the court ruled against them. This victory comes amidst various challenges faced by Byju's, including insolvency proceedings and board disputes.
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ETtech Explainer: Edtech company Byju’s legal woes take new turn
Economic Times
·
5m ago
Medial
Byju's parent company, Think & Learn, struggled to exit insolvency proceedings as the Board of Control for Cricket in India (BCCI) sought to withdraw its case. The National Company Law Tribunal directed the company's insolvency resolution professional to submit BCCI's withdrawal request to the creditors' committee for approval. Disputes over unpaid dues led to the proceedings, and creditor opposition complicated resolution efforts. The committee now holds the authority to decide on the withdrawal.
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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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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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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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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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Glas Trust approaches NCLAT seeking to be heard in Aakash case
Economic Times
·
5m ago
Medial
Glas Trust, representing Byju’s US lenders, seeks a hearing from NCLAT in a case involving Aakash Institute, where Byju’s parent company has a stake. The appeal follows Glas Trust’s petition against resolutions passed at Aakash’s EGM amid insolvency proceedings of Byju's parent. Blackstone, a minority shareholder, initially challenged the resolutions but later withdrew. The tribunal will hear the case in March 2023, maintaining the need for a proper hearing despite Blackstone’s withdrawal.
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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’s insolvency: Suspended directors challenge NCLT ruling reinstating lenders, cite prejudice
Livemint
·
6m ago
Medial
The suspended directors of Byju's have appealed to the National Company Law Appellate Tribunal (NCLAT) against an insolvency court's decision favoring lenders as financial creditors without resolving its ₹158 crore settlement with the BCCI. The petition argues that the tribunal's ruling could keep the insolvency process in force, affecting Byju’s control. The case involves a significant stake held by Glas Trust, representing most of the creditors' claims, amidst disputed settlement proceedings.
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