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The company filed a suit against investment management firm Redwood saying the US entity purchased a significant portion of the loan

The allegation came out at a court hearing on Thursday in Delaware, where Byju’s Alpha faces a lawsuit over who should control the company. Lenders claim that because of a default earlier this year, they have the right to put their representative, Timothy R. Pohl, in charge.

/PRNewswire/ -- The "Test Preparation Market in India 2023" report has been added to ResearchAndMarkets.coms offering. The test preparation market in India is...

Indian EdTech giant, Byju’s Alpha, has been sued by an agent for lenders owed $1.2 billion after months of negotiations between creditors and the company.

Lenders have alleged that BYJU’S Alpha is hiding $500 Mn during a lawsuit between creditors and the edtech giant.

Lenders accused one of India's hottest tech companies, Byju's Alpha, of hiding $500 million as part of a fight between creditors and the self-proclaimed biggest education technology company in the world.

Last month, regulators in India raided Byju’s offices, seizing documents and digital data

'The litigants have made bewildering claims that BYJU'S 'moved' USD 500 million from BYJU'S Alpha, insinuating that these acts were somehow wrongful. We deny these allegations'

The lenders allegations which also we dispute concern merely insignificant technical and non-monetary defaults, BYJUS said.Further, the company said that a Delaware court in the US has passed an interim order to maintain the status quo in relation to BYJUS Alpha.

The lawsuit has been filed as Glas Trust Company vs Riju Ravindran, 2023-0488, Delaware Chancery Court (Wilmington)