24 September 2024
The Supreme Court of the US state of Delaware has ruled that Indian ed-tech company Byju’s defaulted on a $1.5 billion loan, entitling lenders to "exercise remedies". The ruling on September 23 allows lenders to take control of Byju’s assets in the United States, primarily Byju Alpha Inc., and demand full repayment. Lenders have appointed Timothy Pohl as the sole director of Byju Alpha Inc. for the purpose.
“We are gratified that the Delaware Supreme Court decisively affirmed what we have known all along Byju’s breached and defaulted on the credit agreement it knowingly and willingly entered into," they said in a statement.
The Supreme Court of the US state of Delaware has ruled that Indian ed-tech company Byju’s defaulted on a $1.5 billion loan, entitling lenders to "exercise remedies". The ruling on September 23 allows lenders to take control of Byju’s assets in the United States, primarily Byju Alpha Inc., and demand full repayment. Lenders have appointed Timothy Pohl as the sole director of Byju Alpha Inc. for the purpose.
“We are gratified that the Delaware Supreme Court decisively affirmed what we have known all along Byju’s breached and defaulted on the credit agreement it knowingly and willingly entered into," they said in a statement.
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