Classroom to courtroom: Lenders seek Byju's insolvency | Mint

Classroom to courtroom: Lenders seek Byju's insolvency

Raveendran attracted capital from some of the biggest investors in the tech world, (REUTERS)
Raveendran attracted capital from some of the biggest investors in the tech world, (REUTERS)

Summary

  • Separately, Teleperformance Business Services Ltd, the Indian unit of the French multinational, too filed an insolvency petition against Byju’s on Thursday

MUMBAI : Overseas lenders of online tutor Byju’s have filed an insolvency petition against its parent company Think & Learn Pvt. Ltd in Bengaluru to recover a $1.2 billion loan, in an ignominious turn for the company that was once India’s most-valued startup.

Separately, Teleperformance Business Services Ltd, the Indian unit of the French multinational, too filed an insolvency petition against Byju’s on Thursday, a person with knowledge of the development said. It invoked insolvency as an operational creditor. Both petitions were filed before the Bengaluru bench of before the Bengaluru bench of the National Company Law Tribunal (NCLT).

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