Byjus’ Riju Raveendran moves NCLT to remove GLAS as the financial creditor

Riju Ravindran moved the National Company Law Tribunal on Thursday seeking removal of GLAS Trust as a financial creditor amid insolvency proceedings. The Byju’s co-founder contended that the US-based firm had authority to represent merely 17.38% of the voting rights of the consortium of term loan providers — asking the NCLT to direct it to “prove its authority to represent the creditors before it”. The matter is scheduled for hearing before the Bengaluru bench of NCLT on Friday.