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NRIPage | Articles | Byju Raveendran Expresses Willingness to Repay Lenders Amid Insolvency Proceedings | Get Career Advice Tips. Unlock Your Potential and Find Your Path around the world - NRI Page
Byju Raveendran, the founder of the beleaguered edtech company Byju's, announced on Thursday his willingness to repay all outstanding debts to lenders, contingent upon their cooperation. During a lengthy media call lasting two and a half hours, Raveendran highlighted the critical nature of the ongoing insolvency proceedings, which were triggered after the BCCI sought to recover ₹158.9 crore in dues from the company.
"If they are willing to work with me, I am willing to give them money back before I take a single rupee out," Raveendran stated, adding that the lenders would not receive any repayment if the insolvency process continues. He emphasized that Byju's had already paid $140 million but faced demands for the full $1.2 billion that had been previously committed.
Raveendran indicated that while many lenders were open to negotiation, a few appeared intent on maximizing profits from the situation. "Most lenders wanted to settle, but one or two wanted to make a killing out of it," he noted.
The troubles for Byju's intensified when US lenders, through their agent Glas Trust, filed claims in the Delaware Court of Chancery, alleging defaults in the loan payments and seeking early repayment of the $1.2 billion Term Loan B (TLB) raised through Byju's holding company. As a result, claims against the edtech firm have ballooned to $1.5 billion.
In response to the challenges, Byju's has recently settled its dispute with the BCCI by clearing its dues, leading to the revocation of initial insolvency proceedings by the National Company Law Appellate Tribunal (NCLAT). However, this decision was subsequently challenged by US lenders in the Supreme Court, which reinstated the insolvency proceedings against the company.
Raveendran clarified that no funds raised from US lenders had reached India due to regulatory restrictions requiring approval from the Reserve Bank of India. He also criticized certain aggressive lenders who pursued legal action against the firm, stating that their business model seemed focused on profiting from distress rather than supporting the company's stakeholders.
