Glas Trust LLC, a foreign creditor, seeks to prevent Byju’s from transferring shares due to loan default. NCLT grants time for response, schedules June 10 hearing. Byju’s founder’s loan raises concerns. Byju’s seeks extension to settle debts with lenders and service providers, NCLT grants time until June 26, with insolvency hearing if unsuccessful.
Today, a lending company based in the US alleged that Byju’s had failed to make payments totaling more than Rs 8,000 crore. National Company Law Tribunal (NCLT) in Bengaluru issued a notice regarding a petition filed by international lender Glas Trust LLC. The petition seeks the commencement of insolvency proceedings against Think & Learn Pvt Ltd, the parent entity of the educational technology startup Byju’s.
