BYJU’S US Lenders Move SC Against NCLAT Order To Quash Insolvency Proceedings

BYJU’S US Lenders Move SC Against NCLAT Order To Quash Insolvency Proceedings

SUMMARY

Glas Trust Company, a consortium of the startup's aggrieved US-based lenders, filed the plea challenging the NCLAT order in the Supreme Court

The NCLAT, earlier this month, quashed the insolvency proceedings against BYJU’S after it said it reached an agreement with the BCCI to pay off its dues of INR 158 Cr

The US-based lenders opposed the agreement during the NCLAT hearing, saying that Riju Raveendran will use the $533 Mn allegedly syphoned from them to pay the BCCI

Days after the National Company Law Appellate Tribunal (NCLAT) quashed the bankruptcy proceedings of embattled BYJU’S, the edtech giant’s US-based lenders have moved the Supreme Court against the order.

Glas Trust Company, a consortium of the startup’s aggrieved US-based lenders, filed the plea challenging the NCLAT order in the Supreme Court, Reuters reported. The matter will be heard on August 12.

No results were found for "".
  • «
  • 1
  • »
modal lock

Continue Reading With A Free Inc42 Account

Get the most out of your Inc42 experience by creating a free account. Enjoy personalized recommendations, ad-lite browsing, and access to our exclusive newsletters.