Byju's Debt Saga: Raveendran Disputes Glas Trust's Claims

Byju's CEO, Byju Raveendran, contests the $1.35 billion debt claim by Glas Trust, a US-based lenders' representative. He asserts that the actual verified debt is only Rs 20 crore. The dispute centers on Glas Trust's legitimacy to represent the lenders, with ongoing insolvency and legal proceedings further complicating the issue.

Byju's, a leading edtech company, is embroiled in a fierce legal battle over a disputed $1.35 billion debt claim by Glas Trust, which represents US-based lenders. CEO Byju Raveendran argues that the rightful verified debt stands at just Rs 20 crore, challenging Glas Trust's authority and actions.

In an exclusive interview, Raveendran questioned Glas Trust's legitimacy to represent the lenders, pointing out that many lenders were disqualified. He also criticized Glas Trust's failure to submit a comprehensive list of lenders to the insolvency resolution professional (IRP).

Despite multiple court rejections of Glas Trust's accelerated payment schedule, the firm continues its legal pursuit. Byju's has faced significant financial setbacks, including a valuation cut and stuck funds, as the case unfolds in various courts, including the Supreme Court.

(With inputs from agencies.)