The US-based lenders of Byjus have approached the National Company Law Tribunal (NCLT) at Bengaluru to initiate corporate insolvency proceedings against the beleaguered edtech company.
The ad hoc group of term loan lenders (the Ad Hoc Group) of Byjus $1.2 billion term loans (Term Loans), said that GLAS Trust Company LLC (as administrative agent and collateral agent of the Term Loans) has filed a petition pursuant to section 7 of the Insolvency and Bankruptcy Code of India, 2016 to initiate corporate insolvency resolution proceedings against Think & Learn Pvt Ltd (doing business as Byjus) before the Bengaluru Bench of the NCLT.
The lenders said that this action was taken following over 16 months of good faith efforts on behalf of the Ad…
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