Byju’s lender group says US court ordered freezing $533 million
Byju's $1.2 billion term loan said on Friday that judge John T Dorsey of the United States Bankruptcy Court for the District of Delaware has issued an order prohibiting the edtech firm from transferring or using any of the $533 million in loan proceeds previously held by Camshaft Capital Fund, LP and subsequently transferred to an unnamed, unknown offshore trust.
The court, according to the lender statement, also found that company founders Byju Raveendran and Divya Gokulnath are working in concert with Byju's Alpha and ordered them to comply with its ruling.
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Offering CollegeCourseWebsiteIIM KozhikodeIIMK Advanced Data Science For ManagersVisitIIT DelhiIITD Certificate Programme in Data Science & Machine LearningVisitIndian School of BusinessISB Product ManagementVisitHitting back at the lender group, Byju’s said the order “merely maintains the status quo because the company has always maintained that the said funds are safely parked in one of our subsidiaries and, as per the order, it will rightfully remain there.”
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“It is now clear that this so-called ad hoc group is working in cohort with certain large investors of Byju’s to exploit the situation and make windfall gains. This cartel has selectively released some remarks made by the presiding judge to build fake narratives in the media,” Byju’s said in a statement, adding it will continue to fight this falsehood for the sake of all.
“This ruling confirms that Byju Raveendran himself is acting in concert
