Byju's US lenders vs interim resolution professional: Glas Trust not part of insolvency panel
3 months, 2 weeks ago

Byju's US lenders vs interim resolution professional: Glas Trust not part of insolvency panel

New Indian Express  

BENGALURU: Byju's insolvency resolution professional Pankaj Srivastava has removed the edtech company's US-based lender Glas Trust from the committee of creditors. They said no interim resolution professional in the history of the Insolvency and Bankruptcy Code of India has ever attempted to unlawfully strip financial creditors of claims of this magnitude amounting to more than USD 1.35 billion without any legitimate reason and in doing so securing his appointment as the permanent resolution professional. Before August 27, Pankaj had repeatedly confirmed in writing and verbally that the claim filed by Glas Trust on behalf of the Lenders for USD 1.35 billion had been verified and admitted and that Glas Trust was undoubtedly a member of the CoC." Pankaj does not, and cannot, deny that over $1.35 billion is owed under the term loans, that no payments have been made under those term loans for close to 18 months, and that Glas Trust, as agent, has a clear contractual mandate under the credit agreement to independently act to protect the rights of all Lenders, whether disqualified or not," lenders said.

Trust Bengaluru Insolvency Nclt Bcci Nclat Pankaj Lenders Irp Glas Trust Byju Coc Pankaj Srivastava Glas Interim Resolution  panel  insolvency  vs  professional  pankaj  order  glas  term  billion  usd  resolution  interim  byjus  trust  lenders

History of this topic

BCCI seeks withdrawal of insolvency proceedings against Byju’s
1 month, 1 week ago

BCCI seeks withdrawal of insolvency proceedings against Byju’s

Live Mint  

The Board of Control for Cricket in India on Tuesday sought an urgent hearing for its plea to withdraw an insolvency case against edtech firm Byju’s. The BCCI’s counsel requested that the NCLT in Bengaluru prioritize the withdrawal application, arguing that if the withdrawal is granted, it would render other pleas, such as those by US-based Glas Trust and Aditya …

Byju’s insolvency case: Supreme Court reserves judgment on challenge to NCLAT’s stay order
2 months, 3 weeks ago

Byju’s insolvency case: Supreme Court reserves judgment on challenge to NCLAT’s stay order

The Hindu  

The Supreme Court on Thursday reserved its judgment on an appeal filed by of U.S.-based creditor Glas Trust Company LLC against a judgment of the National Company Law Appellate Tribunal allowing the ed-tech firm Byju’s to pay a settlement amount of ₹158 crore to the Board of Control for Cricket in India. During back-to-back hearing in the case, the apex …

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 …

SC agrees to list plea related to insolvency proceedings against ed-tech firm Byju's
3 months, 2 weeks ago

SC agrees to list plea related to insolvency proceedings against ed-tech firm Byju's

New Indian Express  

NEW DELHI: The Supreme Court on Friday agreed to list for an early hearing the appeal of US-based creditor Glas Trust Company LLC against a judgment of the NCLAT, which had stayed insolvency proceedings against ed-tech firm BYJU's and approving its Rs 158.9 crore dues settlement with the BCCI. A bench comprising Chief Justice D Y Chandrachud and Justices J …

NCLT defers ruling on Glas Trust’s plea
3 months, 2 weeks ago

NCLT defers ruling on Glas Trust’s plea

New Indian Express  

NEW DELHI: The Bengaluru bench of the National Company Law Tribunal has deferred its decision on a petition by US-based lender Glas Trust that seeks a stay on further meetings of the committee of creditors. Glas Trust has been removed from the CoC by Pankaj Srivastava, interim resolution professional. The steering committee of the ad-hoc group of term loan lenders …

SC refuses to stay CoC operations in Byju’s insolvency case
4 months ago

SC refuses to stay CoC operations in Byju’s insolvency case

Hindustan Times  

The Supreme Court on Thursday declined to stay the operations of a recently formed Committee of Creditors overseeing the corporate insolvency resolution process initiated against the embattled ed-tech giant Byju’s, stating that the court would examine the merits of the case before issuing any further orders. By an order on August 14, the top court suspended the National Company Law …

Supreme Court Declines To Restrain Formation Of CoC In Byju's Insolvency Proceedings
4 months ago

Supreme Court Declines To Restrain Formation Of CoC In Byju's Insolvency Proceedings

Live Law  

The Supreme Court on Tuesday refused to pass orders to restrain the Resolution Professional from forming a Committee of Creditors for ed-tech company Byju's in the insolvency proceedings against it.Senior Advocate Dr Abhishek Manu Singvhi, representing Byju's, mentioned the matter today morning before Chief Justice of India DY Chandrachud, saying that the previous order of the. The Supreme Court on …

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, BCCI in settlement talks to avoid insolvency proceedings
4 months, 3 weeks ago

Byju’s, BCCI in settlement talks to avoid insolvency proceedings

New Indian Express  

BENGALURU: Edtech firm Byju’s and the Board of Control for Cricket in India are in ‘discussions’ to settle their dispute. Meanwhile, the Karnataka High Court disposed of the petition filed by Byju Raveendran seeking the insolvency proceedings to be suspended. On July 16, the NCLT, Bengaluru bench, admitted an insolvency plea filed by the BCCI against Byju’s over a Rs …

Karnataka High Court Disposes Byju Raveendran's Plea After NCLAT Begins Hearing His Appeal Challenging Insolvency Proceedings
4 months, 3 weeks ago

Karnataka High Court Disposes Byju Raveendran's Plea After NCLAT Begins Hearing His Appeal Challenging Insolvency Proceedings

Live Law  

The Karnataka High Court on Tuesday disposed of the petition filed by Byju Raveendran seeking to suspend the National Company Law Tribunal order, which admitted his parent company Think and Learn Private Limited, into the insolvency resolution process. A single judge bench of Justice S R Krishna Kumar disposed of the matter after it was informed that a special bench …

NCLT starts insolvency proceedings against Byju's
5 months, 1 week ago

NCLT starts insolvency proceedings against Byju's

The Hindu  

An Indian tribunal on July 16 started insolvency proceedings for EdTech firm Byju's after the country's cricket board complained about failure to recover $19 million in dues, dealing another blow to a company that was once India's biggest startup. Byju's has suffered numerous setbacks in the past few years, leading to a crisis of investor confidence, thousands of job cuts …

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 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 …

A Petition Against A Corporate Guarantor Cannot Be Dismissed Simply Because A Resolution Plan For The Corporate Debtor Is Under Consideration: NCLT Mumbai
1 year, 7 months ago

A Petition Against A Corporate Guarantor Cannot Be Dismissed Simply Because A Resolution Plan For The Corporate Debtor Is Under Consideration: NCLT Mumbai

Live Law  

The National Company Law Tribunal, Mumbai Bench, comprising Shri Kuldip Kumar Kareer and Smt. Edelweiss Asset Reconstruction Company Limited vs Sadguru Multitrade Private Limited has held that insolvency proceedings can be initiated against both the Corporate Debtor and Corporate Guarantor simultaneously and a petition against a Corporate Guarantor cannot be dismissed simple on the ground that a Resolution Plan is …

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 …

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