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BYJU'S US lenders move SC over removal from creditors' committee

Inshorts · 10m ago

BYJU'S US lenders move SC over removal from creditors' committee

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.

Related News

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.

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.

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.

Supreme Court halts creditors meeting in Byju’s insolvency case

Livemint

Livemint · 10m ago

Supreme Court halts creditors meeting in Byju’s insolvency case

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.

BYJU'S co-founder challenges GLAS Trust's authority in insolvency case, calls it 'fraud'

YourStory

YourStory · 2m ago

BYJU'S co-founder challenges GLAS Trust's authority in insolvency case, calls it 'fraud'

Riju Ravindran, co-founder of Think and Learn, which owns BYJU'S, has petitioned the National Company Law Tribunal (NCLT) to challenge GLAS Trust's authority as a financial creditor. Ravindran alleges that GLAS, which represents a consortium of lenders to BYJU'S, lacks the necessary endorsement to act on behalf of the majority of creditors. He also seeks the removal of GLAS from the Committee of Creditors, claiming their actions are unauthorized and fraudulent.

SC Rejects BYJU’S Plea To Stay Meeting Of Committee Of Creditors

Inc42 · 11m ago

SC Rejects BYJU’S Plea To Stay Meeting Of Committee Of Creditors

Abhishek Manu Singhvi and Solicitor General of India Tushar Mehta appealed to the Supreme Court to halt the meeting of the Committee of Creditors (CoC). However, Chief Justice D Y Chandrachud stated that if the appeal is rejected, all decisions made by the CoC would be voided. Glas Trust, a group of lenders from BYJU'S in the US, filed a case against the National Company Law Appellate Tribunal's ruling to dismiss insolvency proceedings against BYJU'S following an agreement with the Board of Control for Cricket in India (BCCI).

Now, Glas Trust Drags BYJU’S Resolution Professional To Supreme Court

Inc42 · 10m ago

Now, Glas Trust Drags BYJU’S Resolution Professional To Supreme Court

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.

BYJU’S Insolvency: EY Quits As Advisor To IRP Pankaj Srivastava

Inc42 · 10m ago

BYJU’S Insolvency: EY Quits As Advisor To IRP Pankaj Srivastava

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.

SC halts CoC meetings at Byju’s; tells resolution professional to maintain status quo

Economic Times

Economic Times · 10m ago

SC halts CoC meetings at Byju’s; tells resolution professional to maintain status quo

The Supreme Court has temporarily halted all meetings related to the insolvency proceedings of edtech firm Byju's. The court directed the interim resolution professional to maintain status quo and not hold any meetings of the creditors' committee. The SC reserved its verdict on an appeal by US lender GLAS Trust against the approval of a settlement deal between Byju's and its operational creditor, the Board of Control for Cricket in India (BCCI). The court questioned Byju's decision to settle its debt with BCCI while leaving substantial dues owed to other creditors.

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.

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