Key Points
The US lenders of Byjus parent company Think & Learn have said that the troubled edtech firm must repay the borrowed $1.2 billion along with interest...
Neither Byju Raveendran (founder) nor the Insolvency Resolution Professional (IRP) has the authority to disqualify any term loan lender and even if they did, Byjus would still be obligated to repay the full amount of the loan plus interest..
The lenders have issued this statement in response to a PTI report in which Raveendran claimed that Think & Learn may not be required to repay any amount of the disputed $1.2 billion Term Loan B (TLB) due to the current "behaviour" of Glas Trust, which represents the US-based lenders..
On September 3, the committee of creditors (CoC) held its first meeting where the IRP for Byjus removed Glas Trust from the committee after concluding that it does not represent the minimum 51% of lenders in the consortium that provided a $1.2 billion term loan to Byjus...
Almost all key personnel have abandoned Byjus, including the CEO, CFO and General Counsel, and it has now seen a second auditor resign in less than two years due to Byjus inability to explain away the whereabouts of the $500 million, among other reasons, the lenders added...
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