Byjus

[paaparao]

Indian official removed US lenders from influential credit committee that will take decisions on bankruptancy of Byjus MD raveendran assets and other companies. US court yesterday gave the decision, made at a Tuesday hearing in Delaware, will lead to involuntary Chapter 11 bankruptcy of units including Neuron Fuel Inc., Epic! Creations Inc. and Tangible Play Inc., court papers showed. The order was made as a default judgment after the units failed to share requested information with creditors.

The creditors, led by HPS Investment Partners, filed the petition in June, accusing company founder Byju Raveendran of violating their debt contracts by refusing to give them financial details about the three units. Judge Brendan Shannon also granted lenders’ request to appoint an independent Chapter 11 trustee to manage the Byju units in bankruptcy.

[paaparao]

byjus troubles:

https://techcrunch.com/2024/08/14/indias-top-court-clears-way-for-byjus-insolvency-proceedings/

1.2 billion raised money ni dobbeddam anukunnadu raveendran. but he seems to have forgot 1.2 billion given as loan.