By Aditya Kalra
NEW DELHI (Reuters) -U.S.-based Glas Belief might not have the authority to signify lenders who’re looking for greater than $1 billion from Indian ed-tech large Byju’s underneath an insolvency course of, the court-appointed officer working the corporate stated in a letter.
Byju’s was as soon as a darling of world buyers and valued at $22 billion in 2022, however is now dealing with insolvency as a consequence of its dispute with U.S. lenders. The corporate grew to become common by providing on-line coaching programs in the course of the COVID-19 pandemic.
Its insolvency officer, Pankaj Srivastava, advised Glas in a Sept. 1 letter {that a} majority of the lenders it was representing haven’t any enterprise rights left as a part of agreements with Byju’s, and may’t stake a declare.
In a possible setback for U.S. lenders, Srivastava additionally requested Glas to make clear its place and “present supportive paperwork,” the letter, which isn’t public however was seen by Reuters, confirmed.
Byju’s, began in 2011, has suffered quite a few setbacks in latest months, from boardroom exits and criticism over delayed monetary disclosures to an auditor resignation.
