US court bars transfer of USD 533 million in Byju’s arm

BENGALURU: A US Bankruptcy Court has prohibited transfer or use of $533 million, which is in a 100% non-US subsidiary of Byju’s. It ordered a preliminary injunction, thereby seeking to maintain the status quo. Both Byju’s and $1.2 billion Term Loan B (TLB) lenders are fighting a legal battle in US courts.

The steering committee of the ad hoc group of term loan lenders (the SteerCo) of Byju’s said the court also found that Byju Raveendran and Divya Gokulnath are working in concert with the defendants and ordered them to comply with its ruling.