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India Today
21-07-2025
- Business
- India Today
Supreme Court dismisses Byju's and BCCI pleas against insolvency withdrawal
The Supreme Court on Monday upheld an order rejecting the appeals of the BCCI and Byju's co-founder Riju Raveendran seeking withdrawal of insolvency proceedings against his company.A bench comprising Justices J B Pardiwala and R Mahadevan dismissed the appeals filed by the Board of Control for Cricket in India (BCCI) and Raveendran challenging the National Company Law Appellate Tribunal (NCLAT) verdict on April thoughts on the verdict, the counsel representing Byju's founders expressed disappointment. An official statement issued by Byju's read, "The termination would have benefitted millions of students who are being deprived of BYJU'S learning system, and thousands of employees."It added, "We are examining the implications of today's order and will decide the future course of action after due consideration. BYJU'S Founders will not stop their efforts to terminate the company's bankruptcy and remain confident that eventually justice will be found through the courts."The BCCI and Raveendran had previously challenged an order of the Bengaluru bench of the National Company Law Tribunal (NCLT), which on February 10 directed to place their settlement offer before the new Committee of Creditors (CoC), in which US-based Glas Trust, the trustee for lenders to which Byju's owes USD 1.2 billion, is a Chennai bench comprising Justices Rakesh Kumar Jain and Jatindranath Swain upheld the directions passed by the NCLT and said the settlement proposal was filed after the formation of the CoC, hence as the provisions of Section 12 A of the Insolvency & Bankruptcy Code, it requires the approval of the lender's BCCI and Raveendran contended that since the application under Section 12A was filed before the constitution of the CoC, the provisions of Section 12A coupled with Regulation 30A(1)(a) shall apply and not Regulation 30A(1)(b).Section 12 A of the IBC prescribes an exit route from insolvency. It mandates that NCLT may allow the withdrawal of insolvency initiated by any financial or operational creditor under Sections 7,9 or section 10, based on an application made with the approval of 90 per cent voting share of the 30A(1)(a) deals with the provision of filing Section 12 A proceedings through the interim resolution profession before formation of CoC, whereas 30A(1)(b) deals with provision of filing after formation of BCCI and Byju's contending Form FA, which is an application for withdrawal of the Corporate Insolvency Resolution Process (CIRP), was submitted before the formation of CoC of Byju' rejecting the plea, NCLAT said, "Form FA, admittedly having been filed on November 14, 2024, is post (formation of) CoC.""If the application under Section 12A is filed under Regulation 30A(1)(a) before the constitution of the CoC, then Section 12A, which mandates the approval of such an application for withdrawal by a 90 per cent voting share of the CoC, shall not apply, but if the application is filed after the constitution of the CoC then the provisions of Section 12A shall apply with full force," said CIRP against Byju's was initiated on July 16, 2024 by NCLAT admitting a Rs 158.90 crore claim from BCCI as an operational creditor of edtech major. An IRP was also appointed by the NCLT in this a settlement arrived between the parties and Raveendran approached appellate tribunal set aside the insolvency proceedings against Byju's on August 2, 2024 after approving dues settlement with the BCCI, which had entered into a Team Sponsor Agreement with the cricket body in was challenged by Glas Trust before the Supreme Trust, a financial creditor, also filed a separate petition before NCLT seeking resolution of its debt of USD 984.3 million (approximately Rs 8,200 crore).advertisementThe apex court on October 23, 2024, set aside the NCLAT order staying the CIRP against Think & Learn, which owns edtech brand Byju's and asked BCCI to approach NCLT for the BCCI submitted Form FA to the Interim Resolution Professional (IRP) on August 16, 2024, it had instructed the IRP to file it only after the resolution of an appeal pending before the Supreme contended before NCLAT there was a delay on the part of the IRP in filing the withdrawal NCLAT, however, rejected the plea.- EndsTune InMust Watch IN THIS STORY#Supreme Court
The Hindu
19-07-2025
- Business
- The Hindu
Byju's founders' threat of defamation case an attempt to distract from facts: Glas Trust
U.S.-based lender agent Glas Trust has alleged that Byju's founders' plan to file a defamation case is an attempt to distract from the facts after several court orders against them. The legal counsel of Byju's founders, J Michael McNutt, rejected the allegations levelled by Glas Trust, calling it "incomplete and misleading". The counsel of Byju's founders, Byju Raveendran and Divya Gokulnath, on Thursday (July 17, 2025) said they are gearing up to file an over $2.5 billion suit against Glas Trust and others for damage to their reputation and business. "Byju Raveendran's latest act of threatening defamation claims against GLAS Trust and the Term Loan B Lenders is a transparent attempt to distract from the facts, coming on the heels of a U.S. federal court holding him in contempt. The fact of the matter is that every court to consider the issues has ruled against Mr. Raveendran and his cohorts," Glas Trust said. Glas Trust Company LLC is the trustee for lenders to whom Byju's owes $1.2 billion. Byju's founders have, however, contested Glas Trust claims. Glas Trust now controls Byju's Alpha, which was a special-purpose financing vehicle established by the edtech firm to receive Term Loan B funds. Byju's Alpha has filed a lawsuit against Byju Raveendran, his co-founder and wife Divya Gokulnath, and his consigliere Anita Kishore, alleging that each of them co-orchestrated and executed a lawless scheme to conceal and steal $533 million of loan proceeds. Glas Trust said judgments exceeding $533 million have been entered against Raveendran's allies, "including for their fraudulent conduct". "Raveendran's brother was found by a Delaware federal court to be untruthful and one of the most incompetent directors in Delaware's history. A Delaware federal court stated its intention to make a criminal referral when Raveendran attempted to bribe a witness and had held Raveendran in contempt," Glas Trust alleged. The U.S. lenders' agent said that it has at all times acted within its rights. "Mr. Raveendran's threats are desperate and meritless, and the irony of Mr Raveendran threatening to sue for defamation when he continues to unlawfully conceal what happened to the missing $533 million should be lost on no one," Glas Trust said. McNutt alleged that GLAS Trust continues to distract from the true situation in India. "It is incorrect to claim that U.S. Courts have ruled against Raveendran and his 'co-horts' on the relevant issues. The proceedings in Delaware against Byju have only just commenced, and Byju has not even submitted his response to the complaint," the counsel said. McNutt said Byju Raveendran has not been found guilty of any wrongdoing by any court, in any jurisdiction, and the contempt order against Byju is being contested. He said that the term 'co-horts" is misleading and offensive. McNutt alleged that the order against Think & Learn, its subsidiary and Byju Raveendran's brother (a director of Think & learn who is suspended due to bankruptcy in India) was without any legal representation. Glas Trust initiated legal proceedings against Byju's and its founders in U.S. courts. The agent of U.S.-based lenders also approached the Supreme Court of India to challenge the dismissal of the insolvency case against Byju's by the National Company Law Appellate Tribunal in an appeal filed by BCCI. The apex court ruled in favour of Glas Trust, and the Corporate Insolvency Resolution Process (CIRP) litigation against Byju's is going on. Byju's founders are contesting the case and filed a plea to remove the Interim Resolution Professional, alleging his link with Glas Trust through the consultancy firm EY.
Economic Times
19-07-2025
- Business
- Economic Times
Byju's founders' threat of defamation case an attempt to distract from facts: Glas Trust
US-based lender agent Glas Trust has alleged that Byju's founders' plan to file a defamation case is an attempt to distract from the facts after several court orders against legal counsel of Byju's founders, J Michael McNutt, rejected the allegations levelled by Glas Trust, calling it "incomplete and misleading". The counsel of Byju's founders, Byju Raveendran and Divya Gokulnath, on Thursday said they are gearing up to file an over $2.5 billion suit against Glas Trust and others for damage to their reputation and business. "Byju Raveendran's latest act of threatening defamation claims against GLAS Trust and the Term Loan B Lenders is a transparent attempt to distract from the facts, coming on the heels of a US federal court holding him in contempt. The fact of the matter is that every court to consider the issues has ruled against Raveendran and his cohorts," Glas Trust Trust Company LLC is the trustee for lenders to whom Byju's owes $1.2 billion. Byju's founders have, however, contested Glas Trust Trust now controls Byju's Alpha, which was a special-purpose financing vehicle established by the edtech firm to receive Term Loan B funds. Byju's Alpha has filed a lawsuit against Byju Raveendran, his co-founder and wife Divya Gokulnath, and his consigliere Anita Kishore, alleging that each of them co-orchestrated and executed a lawless scheme to conceal and steal $533 million of loan proceeds. Glas Trust said judgments exceeding $533 million have been entered against Raveendran's allies, "including for their fraudulent conduct"."Raveendran's brother was found by a Delaware federal court to be untruthful and one of the most incompetent directors in Delaware's history. A Delaware federal court stated its intention to make a criminal referral when Raveendran attempted to bribe a witness and had held Raveendran in contempt," Glas Trust US lenders' agent said that it has at all times acted within its rights."Mr Raveendran's threats are desperate and meritless, and the irony of Mr Raveendran threatening to sue for defamation when he continues to unlawfully conceal what happened to the missing $533 million should be lost on no one," Glas Trust alleged that GLAS Trust continues to distract from the true situation in India."It is incorrect to claim that US Courts have ruled against Raveendran and his 'co-horts' on the relevant issues. The proceedings in Delaware against Byju have only just commenced, and Byju has not even submitted his response to the complaint," the counsel said Byju Raveendran has not been found guilty of any wrongdoing by any court, in any jurisdiction, and the contempt order against Byju is being said that the term 'co-horts' is misleading and alleged that the order against Think & Learn, its subsidiary and Byju Raveendran's brother (a director of Think & learn who is suspended due to bankruptcy in India) was without any legal Trust initiated legal proceedings against Byju's and its founders in US agent of US-based lenders also approached the Supreme Court of India to challenge the dismissal of the insolvency case against Byju's by the National Company Law Appellate Tribunal in an appeal filed by apex court ruled in favour of Glas Trust, and the Corporate Insolvency Resolution Process (CIRP) litigation against Byju's is going on. Byju's founders are contesting the case and filed a plea to remove the Interim Resolution Professional, alleging his link with Glas Trust through the consultancy firm EY.
Mint
19-07-2025
- Business
- Mint
Byjus founders threat of defamation case an attempt to distract from facts: Glas Trust
New Delhi, Jul 19 (PTI) US-based lender agent Glas Trust has alleged that Byju's founders' plan to file a defamation case is an attempt to distract from the facts after several court orders against them. The legal counsel of Byju's founders, J Michael McNutt, rejected the allegations levelled by Glas Trust, calling it "incomplete and misleading". The counsel of Byju's founders, Byju Raveendran and Divya Gokulnath, on Thursday said they are gearing up to file an over USD 2.5 billion suit against Glas Trust and others for damage to their reputation and business. "Byju Raveendran's latest act of threatening defamation claims against GLAS Trust and the Term Loan B Lenders is a transparent attempt to distract from the facts, coming on the heels of a US federal court holding him in contempt. The fact of the matter is that every court to consider the issues has ruled against Raveendran and his cohorts," Glas Trust said. Glas Trust Company LLC is the trustee for lenders to whom Byju's owes USD 1.2 billion. Byju's founders have, however, contested Glas Trust claims. Glas Trust now controls Byju's Alpha, which was a special-purpose financing vehicle established by the edtech firm to receive Term Loan B funds. Byju's Alpha has filed a lawsuit against Byju Raveendran, his co-founder and wife Divya Gokulnath, and his consigliere Anita Kishore, alleging that each of them co-orchestrated and executed a lawless scheme to conceal and steal USD 533 million of loan proceeds. Glas Trust said judgments exceeding USD 533 million have been entered against Raveendran's allies, "including for their fraudulent conduct". "Raveendran's brother was found by a Delaware federal court to be untruthful and one of the most incompetent directors in Delaware's history. A Delaware federal court stated its intention to make a criminal referral when Raveendran attempted to bribe a witness and had held Raveendran in contempt," Glas Trust alleged. The US lenders' agent said that it has at all times acted within its rights. "Mr Raveendran's threats are desperate and meritless, and the irony of Mr Raveendran threatening to sue for defamation when he continues to unlawfully conceal what happened to the missing USD 533 million should be lost on no one," Glas Trust said. McNutt alleged that GLAS Trust continues to distract from the true situation in India. "It is incorrect to claim that US Courts have ruled against Raveendran and his 'co-horts' on the relevant issues. The proceedings in Delaware against Byju have only just commenced, and Byju has not even submitted his response to the complaint," the counsel said. McNutt said Byju Raveendran has not been found guilty of any wrongdoing by any court, in any jurisdiction, and the contempt order against Byju is being contested. He said that the term 'co-horts" is misleading and offensive. McNutt alleged that the order against Think & Learn, its subsidiary and Byju Raveendran's brother (a director of Think & learn who is suspended due to bankruptcy in India) was without any legal representation. Glas Trust initiated legal proceedings against Byju's and its founders in US courts. The agent of US-based lenders also approached the Supreme Court of India to challenge the dismissal of the insolvency case against Byju's by the National Company Law Appellate Tribunal in an appeal filed by BCCI. The apex court ruled in favour of Glas Trust, and the Corporate Insolvency Resolution Process (CIRP) litigation against Byju's is going on. Byju's founders are contesting the case and filed a plea to remove the Interim Resolution Professional, alleging his link with Glas Trust through the consultancy firm EY.
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Business Standard
19-07-2025
- Business
- Business Standard
Glas Trust calls Byju's defamation threat a bid to divert from court orders
US-based lender agent Glas Trust has alleged that Byju's founders' plan to file a defamation case is an attempt to distract from the facts after several court orders against them. The legal counsel of Byju's founders, J Michael McNutt, rejected the allegations levelled by Glas Trust, calling it "incomplete and misleading". The counsel of Byju's founders, Byju Raveendran and Divya Gokulnath, on Thursday said they are gearing up to file an over USD 2.5 billion suit against Glas Trust and others for damage to their reputation and business. "Byju Raveendran's latest act of threatening defamation claims against GLAS Trust and the Term Loan B Lenders is a transparent attempt to distract from the facts, coming on the heels of a US federal court holding him in contempt. The fact of the matter is that every court to consider the issues has ruled against Raveendran and his cohorts," Glas Trust said. Glas Trust Company LLC is the trustee for lenders to whom Byju's owes USD 1.2 billion. Byju's founders have, however, contested Glas Trust claims. Glas Trust now controls Byju's Alpha, which was a special-purpose financing vehicle established by the edtech firm to receive Term Loan B funds. Byju's Alpha has filed a lawsuit against Byju Raveendran, his co-founder and wife Divya Gokulnath, and his consigliere Anita Kishore, alleging that each of them co-orchestrated and executed a lawless scheme to conceal and steal USD 533 million of loan proceeds. Glas Trust said judgments exceeding USD 533 million have been entered against Raveendran's allies, "including for their fraudulent conduct". "Raveendran's brother was found by a Delaware federal court to be untruthful and one of the most incompetent directors in Delaware's history. A Delaware federal court stated its intention to make a criminal referral when Raveendran attempted to bribe a witness and had held Raveendran in contempt," Glas Trust alleged. The US lenders' agent said that it has at all times acted within its rights. "Mr Raveendran's threats are desperate and meritless, and the irony of Mr Raveendran threatening to sue for defamation when he continues to unlawfully conceal what happened to the missing USD 533 million should be lost on no one," Glas Trust said. McNutt alleged that GLAS Trust continues to distract from the true situation in India. "It is incorrect to claim that US Courts have ruled against Raveendran and his 'co-horts' on the relevant issues. The proceedings in Delaware against Byju have only just commenced, and Byju has not even submitted his response to the complaint," the counsel said. McNutt said Byju Raveendran has not been found guilty of any wrongdoing by any court, in any jurisdiction, and the contempt order against Byju is being contested. He said that the term 'co-horts" is misleading and offensive. McNutt alleged that the order against Think & Learn, its subsidiary and Byju Raveendran's brother (a director of Think & learn who is suspended due to bankruptcy in India) was without any legal representation. Glas Trust initiated legal proceedings against Byju's and its founders in US courts. The agent of US-based lenders also approached the Supreme Court of India to challenge the dismissal of the insolvency case against Byju's by the National Company Law Appellate Tribunal in an appeal filed by BCCI. The apex court ruled in favour of Glas Trust, and the Corporate Insolvency Resolution Process (CIRP) litigation against Byju's is going on. Byju's founders are contesting the case and filed a plea to remove the Interim Resolution Professional, alleging his link with Glas Trust through the consultancy firm EY. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
