Separately, Teleperformance Business Services Ltd, the Indian unit of the French multinational, too filed an insolvency petition against Byjus 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.
This action was taken following over 16 months of good faith efforts on behalf of the Ad Hoc Group (of lenders) to restructure the t…
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