US court confirms Byju’s loan default

US lenders on Tuesday said that the Delaware Supreme Court ruling has affirmed that Byju’s defaulted on Term Loan B while the edtech firm asserted that it has no impact on legal proceedings going on in India.

Byju’s US-based lenders on Tuesday said the Delaware Supreme Court (SC) in its September 23 order affirmed the previous ruling by the Delaware Court of Chancery and said an event of default had occurred under the credit agreement and entitled Byju’s lenders and their administrative agent, GLAS Trust, for action against the company.