Mumbai: Another blow for byju’sthis is foreign lenders has filed petition To start corporate bankruptcy Resolution proceedings against the firm.
The petition has been filed in the Bengaluru bench of NCLTA representative of the lenders confirmed. The lenders said the move was necessitated by Byju’s failure to meet its obligations under the term loan. “The myriad of issues facing BYJU’s are entirely self-inflicted. For months, we tried to avoid this exact situation, repeatedly attempting to engage constructively with BYJU’s management and other stakeholders, and provided them with multiple avenues to reach a mutually agreeable resolution, even after the Delaware court confirmed the validity of Byju’s default. We now believe that Byju’s management has the means to meet its obligations. There is no intention or ability to honour,” the ad-hoc group of lenders said.
Byju’s confirmed the development with the lender terming the NCLT proceedings as “premature and baseless”.