Riju Ravindran in NCLT for GLAS Trust's exit from CoC

RIJU RAVINDRAN, CO-FOUNDER and former promoter of Think and Learn, which owns debt-ridden edtech firm Byju's, has moved insolvency tribunal NCLT for removal of GLAS Trust as the financial creditor and from its Committee of Creditors.

- PRESS TRUST OF INDIA

In his petition, Ravindran has alleged that GLAS Trust has "fraudulently represented itself to be a financial creditor" and has requested the National Company Law Tribunal (NCLT) to direct it to "prove its authority to represent the creditors before it".

GLAS Trust, which is representing Byju's US-based creditor, has the authority to represent merely 17.38% of the voting rights of the consortium of term loan providers, he submitted.

According to Ravindran, GLAS can take actions on behalf of lenders only if the action is authorised by lenders holding more than 50% of the term loan.

GLAS Trust Company, a US-based firm, is the trustee for lenders to which Byju's owes $1.2 billion.