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BYJU’S Co-Founder Challenges GLAS Trust’s Role in $1.2 B Insolvency Proceedings

He argues GLAS Trust lacks the requisite mandate to represent lenders under the Credit and Guaranty Agreement.

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Overview

  • On June 5, 2025, Riju Ravindran filed an application at the National Company Law Tribunal seeking to remove GLAS Trust as financial creditor and from BYJU’S Committee of Creditors.
  • Ravindran contends that BYJU’S disqualification of 61.43% of term loan holders has left GLAS Trust with just 17.38% of voting rights, invalidating its authority in the insolvency case.
  • The petition accuses GLAS Trust of fraudulently claiming creditor status and conspiring with Ernst & Young and successive resolution professionals to influence the corporate insolvency resolution process.
  • BYJU’S U.S. unit secured a $1.2 billion loan in November 2021, and GLAS Trust issued a default notice in March 2023 to accelerate repayment well before the loan’s November 2026 maturity.
  • The NCLT is slated to hear Ravindran’s challenge on June 6, 2025, following the Supreme Court’s October 2024 decision to resume insolvency proceedings by overturning a prior settlement.