Search icon
Download the all-new Republic app:
NIFTY 50 23,344.75 up stock 141.55 (0.61%)
NIFTY 100 24,048.80 up stock 122.80 (0.51%)
NIFTY 500 21,809.00 up stock 128.75 (0.59%)
NIFTY MIDCAP 50 15,298.45 up stock 158.80 (1.05%)
INDIA VIX 16.42 up stock 0.67 (4.23%)
NIFTY MIDCAP 150 20,350.90 up stock 155.00 (0.77%)
NIFTY SMALLCAP 50 8,520.25 up stock 98.30 (1.17%)
NIFTY BANK 49,350.80 up stock 810.20 (1.67%)
NIFTY AUTO 22,671.80 Down stock -119.30 (-0.52%)
NIFTY FMCG 55,738.05 Down stock -62.80 (-0.11%)
NIFTY IT 42,192.80 up stock 160.60 (0.38%)
NIFTY MEDIA 1,719.40 up stock 16.95 (1.00%)
NIFTY METAL 8,613.35 up stock 91.65 (1.08%)
NIFTY PHARMA 22,182.40 up stock 120.70 (0.55%)
NIFTY PRIVATE BANK 24,242.65 up stock 562.60 (2.38%)
NIFTY REALTY 945.35 up stock 6.10 (0.65%)
NIFTY OIL & GAS 10,957.80 up stock 66.10 (0.61%)
NIFTY COMMODITIES 8,159.60 up stock 61.75 (0.76%)
NIFTY ENERGY 34,970.55 up stock 284.45 (0.82%)
LEADMINI 188 up stock 0.20 (0.11%)
ZINCMINI 261.25 up stock 0.25 (0.1%)
SILVERMIC 89730 up stock 72.00 (0.08%)
GOLDGUINEA 59188 up stock 50.00 (0.08%)
GOLDM 72900 up stock 28.00 (0.04%)
COTTONCNDY 56540 up stock 20.00 (0.04%)
SILVER 89675 up stock 29.00 (0.03%)
CRUDEOIL 6609 Down stock -237.00 (-3.46%)
NATURALGAS 177.5 Down stock -0.30 (-0.17%)
NATGASMINI 177.5 Down stock -0.30 (-0.17%)
MENTHAOIL 942.2 Down stock -1.20 (-0.13%)
ZINC 260.7 Down stock -0.25 (-0.1%)
ALUMINIUM 220.5 Down stock -0.20 (-0.09%)
LEAD 187 Down stock -0.10 (-0.05%)
NIFTY 50 23,344.75 up stock 141.55 (0.61%)
NIFTY 100 24,048.80 up stock 122.80 (0.51%)
NIFTY 500 21,809.00 up stock 128.75 (0.59%)
NIFTY MIDCAP 50 15,298.45 up stock 158.80 (1.05%)
INDIA VIX 16.42 up stock 0.67 (4.23%)
NIFTY MIDCAP 150 20,350.90 up stock 155.00 (0.77%)
NIFTY SMALLCAP 50 8,520.25 up stock 98.30 (1.17%)
NIFTY BANK 49,350.80 up stock 810.20 (1.67%)
NIFTY AUTO 22,671.80 Down stock -119.30 (-0.52%)
NIFTY FMCG 55,738.05 Down stock -62.80 (-0.11%)
NIFTY IT 42,192.80 up stock 160.60 (0.38%)
NIFTY MEDIA 1,719.40 up stock 16.95 (1.00%)
NIFTY METAL 8,613.35 up stock 91.65 (1.08%)
NIFTY PHARMA 22,182.40 up stock 120.70 (0.55%)
NIFTY PRIVATE BANK 24,242.65 up stock 562.60 (2.38%)
NIFTY REALTY 945.35 up stock 6.10 (0.65%)
NIFTY OIL & GAS 10,957.80 up stock 66.10 (0.61%)
NIFTY COMMODITIES 8,159.60 up stock 61.75 (0.76%)
NIFTY ENERGY 34,970.55 up stock 284.45 (0.82%)
LEADMINI 188 up stock 0.20 (0.11%)
ZINCMINI 261.25 up stock 0.25 (0.1%)
SILVERMIC 89730 up stock 72.00 (0.08%)
GOLDGUINEA 59188 up stock 50.00 (0.08%)
GOLDM 72900 up stock 28.00 (0.04%)
COTTONCNDY 56540 up stock 20.00 (0.04%)
SILVER 89675 up stock 29.00 (0.03%)
CRUDEOIL 6609 Down stock -237.00 (-3.46%)
NATURALGAS 177.5 Down stock -0.30 (-0.17%)
NATGASMINI 177.5 Down stock -0.30 (-0.17%)
MENTHAOIL 942.2 Down stock -1.20 (-0.13%)
ZINC 260.7 Down stock -0.25 (-0.1%)
ALUMINIUM 220.5 Down stock -0.20 (-0.09%)
LEAD 187 Down stock -0.10 (-0.05%)

Published 21:41 IST, September 3rd 2024

US lenders not on insolvency panel of Byju's, sources say

Byju's was once a darling of global investors and valued at $22 billion in 2022, but is now facing insolvency due to its dispute with US lenders.

Reported by: Thomson Reuters
BYJU'S | Image: X Photo

Byju’s insolvency: US-based Glas Trust is not part of a key panel overseeing the insolvency proceedings of education-technology giant Byju's, and will need to substantiate the $1 billion claim of lenders it represents, according to documents and three sources.

Byju's was once a darling of global investors and valued at $22 billion in 2022, but is now facing insolvency due to its dispute with US lenders. The company became popular by offering online training courses during the COVID-19 pandemic.

Its insolvency officer, Pankaj Srivastava, told Glas in a Sept. 1 letter that a majority of the lenders it was representing have no business rights left as part of agreements with Byju's, and can't stake a claim.

As a result, in a setback for US lenders, the insolvency panel has been reconstituted without Glas Trust, according to three sources with direct knowledge, who spoke on condition of anonymity.

Srivastava has asked Glas to clarify its position and "provide supportive documents," the Sept. 1 letter, which is not public but was seen by Reuters, showed.

Glas and Srivastava did not respond to a request for comment.

Byju's, started in 2011, has suffered numerous setbacks in recent months, from boardroom exits and criticism over delayed financial disclosures to an auditor resignation.

Updated 21:41 IST, September 3rd 2024

Search icon
Home
Live TV
Union Budget 2025
Markets
News
Companies
Economy
Auto
Money
Technology
Videos
Initiatives
Life
Web Stories
Opinion
Download the all-new Republic app: