Byju's Controversy: Glas Trust Removed from Creditors Committee Amid Legal Battle
In a surprising move, Byju's insolvency resolution professional has removed Glas Trust, the representative of the company's USD 1.2-billion Term Loan B lenders, from the creditors' committee. The US-based lenders have called the move unlawful, alleging that it aims to undermine their USD 1.35-billion claim. The Supreme Court had previously stayed insolvency proceedings, favoring Byju's in another ongoing dispute.
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Byju's insolvency resolution professional has removed Glas Trust, the representative for the USD 1.2-billion Term Loan B lenders, from the committee of creditors.
The lenders have labeled the move as unlawful, accusing the insolvency resolution professional of secretly undermining their USD 1.35-billion claim.
The Supreme Court had previously stayed insolvency proceedings based on an appeal filed by Glas Trust.
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