10 September 2024
Think & Learn, which owns Byju's may not have to pay any amount for the disputed $ 1.2-billion Term Loan B due the present "behaviour" of Glas Trust -- an agency which is representing US-based lenders -- Founder and CEO of the edtech major Byju Raveendran said. In an interview to PTI, Raveendran said the verified debt claim on Byju's as per the insolvency resolution professional (IRP) is now only Rs 20 crore.
Glas Trust has filed an appeal against Byju's claiming dues of $ 1.35 billion, or Rs 11,432.98 crore, arising out of the raising of $ 1.2 billion by the edtech firm as Term Loan B (TLB) from the lenders in the US. Raveendran said the TLB is a traded instrument that is currently trading around 20 cents, putting the current value of the debt raised by the company at $ 240 million.
"The way they (Glas Trust) are acting, they are not going to get any money. They only might drop it to zero value. The first question, when Glas comes to the court, who is Glas? Now, we are not saying that we didn't raise $ 1.2 billion. But are you representing the right lenders? Are you the guy who gave the money? Answer is no," Raveendran said.
He alleged that the IRP asked them to submit the list of lenders but failed to do so and Glas Trust was removed from the entities being represented by the committee of creditors' whose claims have been admitted for due recovery under the ongoing insolvency proceedings against Byju's.
"The IRP has asked for data and they will never be able to give because 70 per cent plus lenders are disqualified so how will they get 51 per cent qualified lenders? That is why after being provisionally admitted, they have been removed now. Our largest operational creditor, BCCI, is cleared. Only verified amount claimed is Rs 20 crore," Raveendran said.
Think & Learn, which owns Byju's may not have to pay any amount for the disputed $ 1.2-billion Term Loan B due the present "behaviour" of Glas Trust -- an agency which is representing US-based lenders -- Founder and CEO of the edtech major Byju Raveendran said. In an interview to PTI, Raveendran said the verified debt claim on Byju's as per the insolvency resolution professional (IRP) is now only Rs 20 crore.
Glas Trust has filed an appeal against Byju's claiming dues of $ 1.35 billion, or Rs 11,432.98 crore, arising out of the raising of $ 1.2 billion by the edtech firm as Term Loan B (TLB) from the lenders in the US. Raveendran said the TLB is a traded instrument that is currently trading around 20 cents, putting the current value of the debt raised by the company at $ 240 million.
"The way they (Glas Trust) are acting, they are not going to get any money. They only might drop it to zero value. The first question, when Glas comes to the court, who is Glas? Now, we are not saying that we didn't raise $ 1.2 billion. But are you representing the right lenders? Are you the guy who gave the money? Answer is no," Raveendran said.
He alleged that the IRP asked them to submit the list of lenders but failed to do so and Glas Trust was removed from the entities being represented by the committee of creditors' whose claims have been admitted for due recovery under the ongoing insolvency proceedings against Byju's.
"The IRP has asked for data and they will never be able to give because 70 per cent plus lenders are disqualified so how will they get 51 per cent qualified lenders? That is why after being provisionally admitted, they have been removed now. Our largest operational creditor, BCCI, is cleared. Only verified amount claimed is Rs 20 crore," Raveendran said.
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