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The lenders, who have filed their insolvency plea through US-based non-bank loan agency Glas Trust Company LLC, told the tribunal that Byjus was borrowing more money in exchange for its shares

The US-based lenders have urged the NCLT to pass an immediate stay order to protect their interests.

An Indian tech firm, Think & Learn Pvt, faces penalties for concealing $533 million from lenders. Riju Ravindran, a director, failed to locate the funds, prompting US Bankruptcy Judge Dorsey to call his testimony dishonest. Despite no extradition treaty, fines loom. The dispute centers on creditors versus Think & Learn, embroiled in US courts.

A director of Indian tech firm Think & Learn Pvt faces financial penalties for defying a US judge's order to find out where the troubled company stashed $533 million that jilted lenders say should go to them.

Riju Ravindran, the brother of company founder Byju Raveendran, not only failed to make a serious effort to find out what happened to the cash, but deceived the court, US Bankruptcy Judge John Dorsey said during a hearing Tuesday in Wilmington, Delaware.

The US bankruptcy court has ordered financial penalties to be imposed on Riju Ravindran, with the specific amount to be decided in a subsequent hearing.

The 56th Annual Makawao Parade takes place on Saturday, June 29, 2024. The Makawao Parade has long been a cherished tradition, bringing together residents, businesses and visitors to celebrate the vibrant culture and heritage of Makawao Town.

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If the dispute is not settled by then, the tribunal would hear the case on merits and pass an order accordingly. The case will now come up for hearing on April 30.

Sustainability Sustainability Sustainability Fundamental Policy Toyota Philosophy ...