Edtech giant Byju’s ‘meritless’ suit effort to avoid obligations: Lenders

A group of ad hoc lenders, who collectively own more than 85 per cent of Byju’s term loans amounting to $1.2 billion, said the recent lawsuit filed by the edtech firm in the Supreme Court of the State of New York County lacks merit.

“Byju’s’ meritless lawsuit against its term loan lenders is simply an effort to avoid complying with its obligations, including making contractually required payments,” said the lenders in a statement. They said the lender group, comprising 21 global institutional investors, sought to work constructively with the company over the past nine months to cure its “numerous defaults” and would continue to do so in good faith.