In a significant turn of events, India’s Supreme Court has struck down a tribunal order that would have allowed Byju’s, the country’s largest online tutoring platform, to settle its debts with a creditor. This decision firmly re-establishes the company’s trajectory towards insolvency and signifies a major setback for its founder, Byju Raveendran.
A High-Profile Setback for Byju’s
The…
BYJU’S insolvency resolution professional (IRP), Pankaj Srivastava, has removed Glas Trust Co, a consortium of US-based lenders, from the committee of creditors (CoC) overseeing the troubled edtech startup’s bankruptcy proceedings. This decision came after Srivastava determined that Glas Trust did not meet the minimum 51% threshold of lenders required in the $1.2 billion Term Loan B (TLB)…
