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Lenders push for Byju's insolvency
Mint Mumbai
|January 26, 2024
Overseas lenders of online tutor Byju's have filed an insolvency petition against its parent company Think & Learn Pvt. Ltd in Bengaluru to recover a $1.2 billion loan, in an ignominious turn for the company that was once India's most-valued startup.
Separately, Teleperformance Business Services Ltd, the Indian unit of the French multinational, too filed an insolvency petition against Byju's on Thursday, a person with knowledge of the development said. It invoked insolvency as an operational creditor. Both petitions were filed before the Bengaluru bench of before the Bengaluru bench of the National Company Law Tribunal (NCLT).
The Byju Raveendran-led company that once commanded a valuation of $22 billion delayed its financial results till December 2023 and made a public filing only after the insolvency filing, a representative for the lenders accused.
Denne historien er fra January 26, 2024-utgaven av Mint Mumbai.
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