The edtech startup company Byju’s, which is undergoing the insolvency process, is facing a lot of problems. The company is constantly receiving claims of its outstanding liabilities. Meanwhile, American banks have said that its parent company Think and Learn owes more than $1 billion and the company will have to pay it at any cost.
No payment has been made for 17 months
According to a report by ET, Think and Learn has to pay more than $1.2 billion to US banks alone. US banks say that Byju’s has not paid a single rupee of the dues for more than 17 months. According to US banks, even if Byju’s is undergoing the insolvency process in India, it will have to pay dues of more than $1 billion in any case.
Byju Ravindran gave this statement
This claim has been repeated at a time when a recent PTI report quoted Byju Ravindran as saying that his company Think and Learn may not have to pay the controversial $1.2 billion Term Loan B (TLB) in the US. Ravindran blamed the behavior of Glass Trust, representing American banks, for this.
There is no right to reject the claim
After that, Glass Trust has now issued a statement in which it has said that neither founder Byju Ravindran nor the insolvency resolution professional has the authority to declare any term loan lender ineligible. Even if they do so, Byju’s is still liable to pay the entire outstanding loan amount and interest on it. Any argument other than this is not valid. Byju also knows this.
Claims of so many dues have come to the fore
Byju’s, which was once India’s most valuable startup company, is currently undergoing insolvency proceedings. The company’s current and former employees have claimed dues of more than Rs 300 crore. The company has a tax liability of about Rs 850 crore. Under the insolvency proceedings, claims of dues of more than $1.5 billion have been made against the company so far.
Also read: Byju’s employees’ dues cross Rs 300 crore, claims surfaced in insolvency
