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The investors in Byju’s had sought an injunction against the sale of shares of Aakash Educational Service by citing a default in payment of a loan of over Rs 11,000 crore obtained from US lenders.
A unit of Byju’s, once one of India’s hottest tech startups, was put into bankruptcy in the US by a court-appointed agent who took over the shell company after it defaulted on $1.2 billion in debt.
India Business News: MUMBAI: In yet another setback for Byju’s, its foreign term loan lenders have filed a petition to initiate corporate insolvency resolution proceedings.
In connection with the petition filing, the Ad Hoc Group issued the following statement,
Byju’s, which borrowed $1.2 billion in the US in November 2021, moved $533 million of it to Camshaft Capital Fund, a three-year-old hedge fund.