BYJU’S lenders move NCLT

New Delhi, January 25

Majority of lenders who were part of $1.2 billion Term Loan B (TLB) secured by BYJU’S have filed an insolvency petition with NCLT Bangalore against the company, according to people aware of the development.

While the filing has not been made public yet, BYJU’S has termed the claims as “premature and baseless’.

The case has been filed through Glas Trust Company, which represents over 80 per cent of lenders that were part of the TLB loan – which is granted by institutional lenders instead of banks.

On the petition, a BYJU’S spokesperson said, “As we have stated before, the validity of lenders’ actions, including acceleration of the term loan, is pending and under challenge in several proceedings, including before the New York Supreme Court. Hence, any proceedings by lenders before NCLT are premature and baseless.”