US lenders counter BYJU'S claim on debt, say edtech firm has to pay entire $1.2B term loan B

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US lenders counter BYJU'S claim on debt, say edtech firm has to pay entire $1.2B term loan B - YourStory

Quick Summary:

About a week ago, BYJU'S founder Byju Raveendran had said that verified debt on the company is only Rs 20 crore as per insolvency proceedings and he may not have to pay any money to the US lenders represented by Glas Trust.

"The price of the TLB (term loan B) instrument has no bearing upon the validity of Glas' claim or the amounts owed by BYJU's.BYJU's borrowed $1.2 billion (plus interest).

"Neither Byju nor the IRP (insolvency resolution professional) have the authority to disqualify any term loan lender 'and even if they did, BYJU's would still be obligated to repay the full amount of the loan plus interest.