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

Embattled edtech Byju’s has requested for 48 hours from the Bengaluru Bench of the National Company Law Tribunal (NCLT) to decide whether it should undertake not to pledge, sell or transfer its assets amid a dispute with investors.

“I don’t know what my client (Byju’s) wants to do but I will obtain instructions from them on whether such an undertaking can be given,” BYJU’S senior counsel KG Raghavan told the tribunal.

US-based lenders had approached the NCLT to start insolvency proceedings against Byju’s. The ad hoc group of lenders (the Ad Hoc Group), which lent $1.2 billion as term loans (term loans) to the firm, said GLAS Trust Company LLC