US lenders urge NCLT to restrain Byju’s from alienating shares

Embattled edtech major Byju’s US lenders have urged the National Company Law Tribunal (NCLT) to restrain the company from pledging, selling or transferring its shares.

The US-based non-bank loan agency Glas Trust Company LLC have filed an insolvency plea.

At the tribunal, the lenders said that Byju’s was borrowing more money and alienating its shares in exchange, thereby causing ‘grave prejudice to them.’ The lenders argued that even after they filed the plea in February, promoter Raveendran Byju borrowed ₹350 crore in exchange for some of his shares.