Lenders ask NCLT to restrain Byju’s from share sale

Accordint to the reports, the lenders told the tribunal that the firm was borrowing more money and alienating its shares in exchange.
Lenders ask NCLT to restrain Byju’s from share sale

NEW DELHI: Rating agency he US-based lenders of Byju’s have urged the National Company Law Tribunal (NCLT) to restrain the firm from selling or transferring its shares.

Accordint to the reports, the lenders told the tribunal that the firm was borrowing more money and alienating its shares in exchange.

Earlier in January, foreign lenders, collectively provided nearly 85% of Byju’s $1.2 billion Term Loan B (TLB), filed an insolvency petition against the firm with the NCLT.

Meanwhile on Tuesday, the Karnataka High Court extended interim relief to Byju’s as it stayed the decisions made during the EGM of shareholders held in February.

The next hearing is said tobe on June 24.

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