Edtech major Byju’s asks for 48 hrs to decide on selling or pledging shares

Beleaguered edtech firm Byju’s on Wednesday appeared before the National Company Law Tribunal (NCLT) and requested 48 hours to determine whether it should undertake not to pledge, sell, or transfer its assets amidst a dispute with investors.

Earlier this year, US-based lenders to Byju’s approached the NCLT Bench in Bengaluru to start corporate insolvency proceedings against the edtech company. The ad hoc group of lenders (the Ad Hoc Group), which lent $1.2 billion as term loans (Term Loans) to Byju’s, said GLAS Trust Company LLC (as administrative agent and collateral agent of the Term Loans) had filed a petition against Think & Learn (doing business as Byju’s) before the Bench.