Byju's Disqualifies US Lender For 'Predatory' Tactics, Skips Payment On $1.2 Billion Loan
1 year, 6 months ago

Byju's Disqualifies US Lender For 'Predatory' Tactics, Skips Payment On $1.2 Billion Loan

ABP News  

Indian edtech start-up Byju's has skipped payments due on a $1.2 billion loan and instead disqualified the US lender for "predatory" tactics, the education technology start-up said on Tuesday, as reported by PTI. The lenders in March unlawfully accelerated the loan due to certain alleged non-monetary and technical defaults, it said adding that the lenders undertook unwarranted enforcement measures, including seizing control of its US unit, Byju's Alpha and appointing its management. As conveyed to the TLB lenders, Byju's remains financially robust with significant cash reserves," the company said. On March 3, the TLB lenders unlawfully accelerated the TLB on account of certain alleged non-monetary and technical defaults and undertook unwarranted enforcement measures, including seizing control of Byju's Alpha and appointing its own management, the company said.

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History of this topic

Byju Raveendran accused of trying to regain firm with hidden cash: Report
1 month ago

Byju Raveendran accused of trying to regain firm with hidden cash: Report

Hindustan Times  

Byju Raveendran, the founder of the struggling edu-tech company Byju’s, allegedly tried to use loan money he hid from US lenders to secretly buy back a software company that an American trustee took over. According to a Bloomberg report based on new court filings, this was an attempt by Byju Raveendran to regain control of his collapsing startup, which is …

US judge orders Byju’s to restore ownership of $1 million-per-month education apps transferred away from lenders
1 month, 1 week ago

US judge orders Byju’s to restore ownership of $1 million-per-month education apps transferred away from lenders

Live Mint  

Two money-making education apps that are part of the troubled Byju’s software empire were wrongly transferred away from US lenders and must be returned to a court-supervised bankruptcy trustee, a federal judge ruled Tuesday. A “rogue officer” manipulated Apple Inc. into changing the ownership — and the revenue stream — of two apps that bring in about $1 million a …

Byju’s US bankruptcy ruling catches Indian official off guard
3 months, 1 week ago

Byju’s US bankruptcy ruling catches Indian official off guard

Hindustan Times  

A US court ruling that placed into bankruptcy units associated with Indian education technology company Byju’s took an official in the firm’s home country by surprise. Judge Brendan Shannon also granted lenders’ request to appoint an independent Chapter 11 trustee to manage the Byju units in bankruptcy. US lenders to Byju’s were removed from an influential creditors committee in India …

Byju's insolvency proceedings case: Supreme Court to hear plea on September 17
3 months, 1 week ago

Byju's insolvency proceedings case: Supreme Court to hear plea on September 17

The Hindu  

The Supreme Court on Wednesday said it will hear on September 17 the appeal of U.S.-based creditor Glas Trust Company LLC against a judgment of the National Company Law Appellate Tribunal, which had stayed insolvency proceedings against ed-tech firm BYJU’s and approved its ₹158.9 crore dues settlement with the Board of Control for Cricket in India A Bench comprising Chief …

Explainer: How Byju's went from startup star to facing insolvency
4 months, 1 week ago

Explainer: How Byju's went from startup star to facing insolvency

Hindustan Times  

Supreme Court revived insolvency proceedings against edtech company Byju's on Wednesday following a lawsuit from US lenders. The Indian cricket board last year asked a tribunal to initiate insolvency proceedings against Byju's for defaulting on $19 million of dues. Supreme Court stayed the tribunal's order and will re-start insolvency proceedings against Byju's. In February, a group of shareholders, including tech …

Byju's journey from startup star to facing insolvency: All you need to Know
5 months, 1 week ago

Byju's journey from startup star to facing insolvency: All you need to Know

Business Standard  

The Indian cricket board last year asked a tribunal to initiate insolvency proceedings against Byju's for defaulting on $19 million of dues. Indian edtech company Byju's was staring at insolvency proceedings on Tuesday following a tribunal order, deepening a crisis that has seen the one-time market darling's valuation plunge from about $22 billion to less than $2 billion. Byju's has …

Byju’s creditor Surfer Technologies settles insolvency case with edtech firm
5 months, 1 week ago

Byju’s creditor Surfer Technologies settles insolvency case with edtech firm

Live Mint  

Gurugram-based Surfer Technologies told the Bengaluru bench of the National Company Law Tribunal on Wednesday that it has reached an amicable settlement with Byju’s and hinted that it would withdraw its insolvency application against the edtech firm. On 7 February, Surfer Technologies had filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, which allows an operational …

Byju’s breached $42 million loan terms, small stake sale blocked: Report
8 months, 2 weeks ago

Byju’s breached $42 million loan terms, small stake sale blocked: Report

Live Mint  

Byju's has been asked by an arbitrator to not sell the shares of a group firm after it breached terms of loans worth $42 million, according to a report by Reuters citing a confidential order. In the latest dispute, Ranjan Pai's MEMG Family Office initiated arbitration proceedings against Byju for allegedly not repaying its loan through a pre-agreed transfer of …

Delaware court restricts Byju’s from use of $533 mn parked overseas
9 months, 1 week ago

Delaware court restricts Byju’s from use of $533 mn parked overseas

Live Mint  

A US bankruptcy court has ordered a freeze on $533 million in loan proceeds belonging to Think & Learn Pvt, the parent company of Byju’s. Ravindran…either was being untruthful or he’s the most incompetent officer or director of a company in Delaware history.” “The significance of the court’s ruling for all aggrieved parties owed money by Byju’s cannot be overstated…The …

Cash-strapped Byju's distributes part of salaries to employees: Report
9 months, 2 weeks ago

Cash-strapped Byju's distributes part of salaries to employees: Report

Hindustan Times  

Cash-strapped edtech platform BYJU's has announced that it disbursed parts of pending salaries to all the employees for the month of February, promising to clear the balance once it is allowed to use the funds from the closed rights issue, Moneycontrol reported. In a letter to employees as seen by the website, BYJU's said it has processed part of salaries …

Byju’s ‘hidden’ $533 million stuck in unnamed offshore trust
9 months, 3 weeks ago

Byju’s ‘hidden’ $533 million stuck in unnamed offshore trust

Hindustan Times  

A small Florida hedge fund that allegedly helped Indian tech firm Think & Learn Pvt hide $533 million must reveal where the money is located or face possible sanctions from a federal judge on Monday. Byju's reportedly took the help of a Florida hedge fund to hide the money US Bankruptcy Judge John Dorsey in a Friday hearing dismissed an …

Byju’s faces new NCLT case: Oppression, mismanagement suit filed by 4 investors
9 months, 4 weeks ago

Byju’s faces new NCLT case: Oppression, mismanagement suit filed by 4 investors

Live Mint  

Byju’s woes: The National Company Law Tribunal has registered a new plea filed by four investors against Byju’s, the Indian Edtech major. The plea, listed for hearing before a bench of judicial member K Biswal and technical member Manoj Kumar Dubey, was filed by a group of investors, including MIH Edtech Investments B.V, Peak XV Partners Investments IV & V, …

Why BYJU’S founder Raveendran cannot leave the country
10 months ago

Why BYJU’S founder Raveendran cannot leave the country

Firstpost  

The Enforcement Directorate has upgraded its Lookout Circular against Byju Raveendran — the 43-year-old CEO of the edtech firm bearing his name. Raveendran and his company have faced a string of setbacks including lay-offs, the valuation being slashed by 95 per cent, legal cases by lenders abroad and the BCCI Byju Raveendran in a letter Wednesday called on shareholders to …

Byju Raveendran gets temporary protection from ouster
10 months ago

Byju Raveendran gets temporary protection from ouster

New Indian Express  

Byju Raveendran, the embattled founder of Byju's education app, has won a temporary reprieve in his tussle with a section of shareholders for control of the company he founded in 2011. Raveendran got interim relief from Karnataka High Court on Wednesday as the Court stayed the effect of decisions that could be taken during the upcoming extraordinary general meeting of …

Byju's crisis explained: Why edtech firm, once valued at $22 bn, is witnessing financial downfall
10 months, 3 weeks ago

Byju's crisis explained: Why edtech firm, once valued at $22 bn, is witnessing financial downfall

Hindustan Times  

Ed-tech company Byju's has been grappling with a financial crisis, and in their latest move, the shareholders of the company have moved a resolution seeking the ouster of the founders from top leadership roles, including CEO Byju Raveendran. US-based investment firm Redwood cut a loan of $1.2 billion to Byju's in November 2021, but the ed-tech firm failed to make …

Byju’s mulls partial sale of stake in Aakash Education: Reports
1 year, 5 months ago

Byju’s mulls partial sale of stake in Aakash Education: Reports

Live Mint  

Beleaguered edtech company BYJU'S is now looking to sell part of its state in Aakash Educational Services. The report came alongside indications that the startup and some of its lenders have restarted negotiations to restructure the firm's $1.2 billion term loan. According to an update shared by ET Now, Byju's holding company, Think and Learn, is looking to dilute up …

BYJU’S woes | A timeline tracing why India’s Edutech giant is in trouble at home and abroad
1 year, 6 months ago

BYJU’S woes | A timeline tracing why India’s Edutech giant is in trouble at home and abroad

The Hindu  

The financial woes of India’s most successful edutech company Byju’s continue to worsen as it skipped payment of $40 million interest on its $ 1.2-billion loan on June 6. March 2023: Byju’s lenders accelerate loan repayment According to the company’s statement, the group’s lenders in U.S led by investment management firm Redwood accelerated the TLB repayment alleging certain non-monetary and …

Byju's Braces For Crucial Week As Lender Calls Loom Amid Rising Tensions
1 year, 6 months ago

Byju's Braces For Crucial Week As Lender Calls Loom Amid Rising Tensions

News 18  

Byju’s, the world’s highest-valued edtech company, is gearing up for an important week of discussions with its lenders as it seeks to ease growing tensions, people aware of the matter told Moneycontrol. The upcoming discussions hold immense significance for Byju’s, as the company, one of the world’s largest startups, has been in a prolonged dispute with its lenders for over …

Byju's layoffs | Edtech giant mulls fresh round of job cuts, likely to fire 1,000 employees: Report
1 year, 6 months ago

Byju's layoffs | Edtech giant mulls fresh round of job cuts, likely to fire 1,000 employees: Report

India TV News  

Byju's layoffs: In a fresh bit to cut costs, India's largest edtech company, Byju's is expected to lay off around 1,000 more employees. The report further stated that the company's latest decision was imminent in the aftermath of Byju's failure to make a quarterly interest payment of roughly $40 million on a $1.2 billion term loan B. Byju's fired around …

Byju’s disqualifies U.S. lender for ‘predatory’ tactics, skips payment on $1.2-bn loan
1 year, 6 months ago

Byju’s disqualifies U.S. lender for ‘predatory’ tactics, skips payment on $1.2-bn loan

The Hindu  

Byju’s has skipped payments due on a $1.2 billion loan and instead disqualified the U.S. lender for “predatory” tactics, the education technology start-up said on Tuesday. The lenders in March unlawfully accelerated the loan due to certain alleged non-monetary and technical defaults, it said adding that the lenders undertook unwarranted enforcement measures, including seizing control of its U.S. unit – …

Ronnie Screwvala takes jibe at Byju’s over US lawsuit: ‘Not even Netflix…’
1 year, 6 months ago

Ronnie Screwvala takes jibe at Byju’s over US lawsuit: ‘Not even Netflix…’

Live Mint  

With reports of Byju's suing the lenders of its $1.2-billion term loan B in the United States Supreme Court, Upgrad co-founder and filmmaker Ronnie Screwvala has taken a swipe at the opponent over the controversial lawsuit. Wonder what it’s erstwhile Board thinks of their fiduciary duties 🤔 - just asking 🤔” Screwvala also shared the tweets by news portal The …

Byju's Moves US Court Challenging Acceleration Of $1.2 Billion Term Loan B, Seeks Redwood's Disqualification
1 year, 6 months ago

Byju's Moves US Court Challenging Acceleration Of $1.2 Billion Term Loan B, Seeks Redwood's Disqualification

ABP News  

Indian edtech start-up Byju's on Tuesday filed a complaint in the Supreme Court of New York to challenge acceleration of the $1.2 billion Term Loan B, the company said. As conveyed to the TLB lenders, BYJU'S remains financially robust with significant cash reserves," the company said. On March 3, the TLB lenders unlawfully accelerated the TLB on account of certain …

Lenders accuse Byju’s Alpha of hiding $500 mn; edtech firm refutes claims
1 year, 7 months ago

Lenders accuse Byju’s Alpha of hiding $500 mn; edtech firm refutes claims

The Hindu  

Bengaluru-based edtech firm Byju’s has refuted the charge that it is hiding $500 million through Byju’s Alpha, a non-operative U.S. entity set up to receive the Term Loan B. The litigants made claims that the edtech firm either hid or moved $500 million from Byju’s Alpha, insinuating that these acts were somehow wrongful, Byju’s said in a statement. As Byju’s …

BYJU’S refutes claims of hiding $500 million through US-based subsidiary
1 year, 7 months ago

BYJU’S refutes claims of hiding $500 million through US-based subsidiary

Live Mint  

Edtech giant BYJU'S has refuted claims that it is hiding $500 million through its US-based company, BYJU'S Alpha. Terming BYJU's Alpha as a non-operative US entity with no employees, the ed-tech company called the claims made in the Delaware court ‘bewildering’. In a statement about the matter, the company said, “This is an interim order of a Delaware Court to …

Byju's Lenders Want $200 Million Prepayment Over Restructuring $1.2-Billion Loan : Report
1 year, 8 months ago

Byju's Lenders Want $200 Million Prepayment Over Restructuring $1.2-Billion Loan : Report

ABP News  

Lenders of the ed-tech firm Byju's are asking for up to $200 million in prepayment for the restructuring of a $1.2 billion loan, according to a report by the Economic Times. The report says the world's most valuable ed-tech start-up Byju's has borrowed money from various lenders, including a number of US-based hedge funds. According to the report, Byju's currently …

Byju’s to stop selling tuition to lower-income families, start ‘affordability checks’: report
2 years ago

Byju’s to stop selling tuition to lower-income families, start ‘affordability checks’: report

The Hindu  

Education technology giant Bjyu's has said it will stop selling tuition to poorer families who may struggle to afford it, according to India's child rights body, which summoned the company's CEO on Friday to answer over a Context investigation. Mr. Prakash said the company would start carrying out "affordability checks" to ensure it did not sell its courses or offer …

Byju’s to stop selling tuition to lower-income families
2 years ago

Byju’s to stop selling tuition to lower-income families

Live Mint  

Bjyu's has said that it will discontinue selling tuition to lower-income families who might find it difficult to pay. In order to prevent selling its courses or providing loans to families with a monthly income of less than ₹25,000, founding partner Pravin Prakash announced the company would begin doing "affordability checks". The National Commission for Protection of Child Rights issued …

Byju’s to seek easier terms on $1.2 bn loan amid steep losses
2 years ago

Byju’s to seek easier terms on $1.2 bn loan amid steep losses

Live Mint  

Indian online-education provider Byju’s is seeking to restructure its $1.2 billion loan as it struggles with steep losses and cost reduction targets, according to people familiar with the information. The nation’s most valuable startup, valued at $22 billion, has appointed an adviser to discuss tweaks in covenants of the term loan B with creditors, the people said, asking not to …

Byju Raveendran pens emotional farewell note to sacked staff
2 years, 1 month ago

Byju Raveendran pens emotional farewell note to sacked staff

Live Mint  

Edtech unicorn Byju’s founder sought forgiveness from the 2,500 employees who are in the process of being fired by the edtech, as it pursues a plan to achieve profitability by the end of FY23. We are having to part ways with 2500 of our colleagues,” chief executive and founder Byju Raveendran wrote in an internal letter to employees on Monday. …

Byju’s borrows ₹300 cr from Aakash for ’principal business activities’
2 years, 1 month ago

Byju’s borrows ₹300 cr from Aakash for ’principal business activities’

Live Mint  

Byju's, world's most valuable edtech startup, is all set to take an unsecured loan of ₹300 crore from its subsidiary Aakash Educational Services for 'principal business activities.' In its latest filing with ministry of corporate affairs, Aakash Educational Services said that it is granting an unsecured loan of ₹300 crore to Think & Learn, which operates Byju's, which is subject …

Why is Byju’s laying off employees and delaying payments?
2 years, 5 months ago

Why is Byju’s laying off employees and delaying payments?

Live Mint  

Bengaluru-based largest ed-tech company, Byju's, is in news for two very different reasons in two different countries. India's $22 billion firm is making headlines in India for joining the layoff bandwagon by announcing the termination of 500 employees in WhiteHat Jr, 1,100 in Toppr and reports suggest the number may be as high as 2500 across its group of companies. …

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