Byju's Seeks 48 Hours To Decide On Pledging Or Selling Shares Amid Investor Dispute
Glas Trust is seeking to prevent Byju's from alienating its shares during this period.
Byju's appeared before the National Company Law Tribunal on Wednesday and requested 48 hours to determine whether it should undertake not to pledge, sell, or transfer its assets amidst a dispute with investors.
This plea arose from Glas Trust Company LLC, representing over 100 lenders to Byju's U.S. entity, Byju's Alpha Inc., which is currently undergoing bankruptcy proceedings in Delaware.
Glas Trust is seeking to prevent Byju's from alienating its shares during this period. Byju's counsel stated that they needed time to consult with the company before responding, prompting the tribunal to grant a 48-hour extension.
Byju's, in a separate development, has settled a fine imposed by the NCLT Bengaluru on Surfer Technology, amounting to Rs 20,000. This fine stemmed from Byju's initial failure to respond to an insolvency plea filed by Surfer Technology, despite multiple opportunities provided by the tribunal.
The NCLT Bengaluru previously adjourned the insolvency proceedings initiated by Oppo Mobiles Pvt., dubbing July 3 as 'Byju's Day'. Oppo Mobiles alleges that Byju's defaulted on a Rs 13 crore agreement for pre-installing its app on Oppo phones. Additionally, Byju's faces claims from Surfer Technologies Pvt. for Rs 2 crore and the Board of Control for Cricket in India (BCCI) for Rs 158 crore.
