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Funds from Term Loan B lying With Non-US Subsidiary, Says Byju's

OutlookIndia · 1y

Byju's, an edtech major, has denied allegations of siphoning off funds from a disputed $1.2 billion Term Loan B. According to the company, the funds are held by its non-US subsidiary, Byju's Alpha. Camshaft, the fund manager appointed by Byju's, confirmed that the money was transferred to the subsidiary. Byju's maintains that the group entities remain the beneficial holders of the funds and that there are no restrictions on their use, other than not being able to bring them to India. Byju's lenders have filed an insolvency petition against the company in the NCLT Bangalore.