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Byju's cannot be expected to and has elected not to make any further payment to the TLB lenders, including any interest, until the dispute is decided by the court, the company said
Alpha Inc faces a lawsuit from an agent acting on behalf of lenders who are owed $1.2 billion. The suit was lodged by Glas Trust Company and investor Timothy R. Pohl, naming BYJU'S Alpha, Tangible Play, Inc., and Riju Ravindran as defendants. Ravindran is the director of Alpha Inc.
Responding to the allegations made by the US-based Delaware Court, the edtech giant said that it has met all the payment allegations of the $1.2 billion loan and its recent fundraise will help them become financially stable.
Delaware Chancery Court Judge Morgan Zurn sided with the lenders after it ordered BYJU's Alpha's managers to not make any substantive changes at the company.
The lawsuit has been filed as Glas Trust Company vs Riju Ravindran, 2023-0488, Delaware Chancery Court (Wilmington)