Stay updated with breaking news from Glas Trust. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
The lenders, who have filed their insolvency plea through US-based non-bank loan agency Glas Trust Company LLC, told the tribunal that Byju's was borrowing more money in exchange for its shares
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 NCLT directed Byju's to file a response to the plea and listed the case for hearing in April 2024.