Read Time: 03 minutes
Gas Trust LLC, a US-based entity, was appointed as an administrative agent by more than 100 lenders for a term loan amounting to $1.2 billion. The LLC has submitted that the loan, totalling Rs. 8000 crores, became due in August 2022
The National Company Law Tribunal (NCLT) has issued a notice in a petition filed by the international lender, Gas Trust LLC, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Byju’s.
The bench, consisting of Judicial Member K Biswal and Technical Member Manoj Kumar of the NCLT Bangalore, issued the notice and has requested a reply from Byju’s within a period of three weeks.
Gas Trust LLC, a US-based entity, was appointed as an administrative agent by more than 100 lenders for a term loan amounting to $1.2 billion. The LLC has submitted that the loan, totalling Rs. 8000 crores, became due in August 2022.
Other than this there are applications filed before the NCLT seeking to initiate a Corporate Insolvency Resolution Process (CIRP) against the company.
One application comes from the Board of Control for Cricket in India (BCCI), claiming a default on payment of Rs. 158 crores for the sponsorship contract related to providing jerseys to the Indian Cricket Team.
Apart from BCCI, two other lenders who have approached the NCLT are the Business Process Outsourcing (BPO) entity, Teleperformance Business Services, and the digital marketing vendor Surfer Technologies.
Four investors have also approached the NCLT alleging oppression and mismanagement by Byju’s.
Recently, the Karnataka High Court has stayed the Extraordinary General Meeting (EGM) of the company, which was scheduled for 23rd February.
The purpose of the EGM meeting was for shareholders to reconstitute the board and remove the CEO.
Case title: Global Trust LLC vs Think & Learn Pvt Ltd
Please Login or Register
