The company is facing bankruptcy proceedings
Byju Raveendran, founder of the giant edtech company Byju, which is facing a terrible financial crisis, is ready to return the money to the lenders. However, he has put a special condition to return the money to the lenders. Byju Raveendran on Thursday said that he is ready to return the entire amount if the lenders are ready to work with him. Raveendran said that if the insolvency proceedings against the company continue, the lenders will not get any money.
Byju has paid 14 crore dollars
Raveendran said, “If they are ready to work with me, I am ready to give them the money back before withdrawing even a single rupee. We paid $140 million, but they wanted the entire $1.2 billion that we had already committed or invested. Most of the lenders wanted to enter into an agreement with the company, but there were one or two among them who wanted to make huge profits from it.”
The company is facing bankruptcy proceedings
Let us tell you that the leading edtech company Byju’s is currently facing bankruptcy proceedings. NCLAT was approached by the Board of Control for Cricket in India (BCCI) to recover dues of Rs 158.9 crore. After which NCLT started bankruptcy proceedings against Byju.
After getting relief in BCCI case, company again under siege
Byju settled the dispute with BCCI after paying the entire dues, following which NCLAT quashed the insolvency proceedings initiated against the company. However, the US lenders, through their agent Glass Trust, once again challenged the NCLAT order in court, which reinstated the insolvency proceedings against Byju’s. Byju’s, which was once the country’s biggest unicorn, is now stuck in a very serious financial crisis.
With PTI inputs
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