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BYJU’S cofounder Byju Raveendran’s brother and former director of the edtech Riju Ravindran has moved the National Company Law Tribunal (NCLT), seeking GLAS Trust’s removal from the committee of the creditors (CoC).
This is the first official measure taken by Riju Ravindran to eject GLAS Trust from the insolvency proceedings, after Raveendran had alleged that the lenders were colluding with EY to disrupt the insolvency process. Raveendran also filed a challenge in the NCLT on the same lines in March 2025.
As per a report by PTI, the suspended BYJU’S director and promoter has alleged in his petition that the US-based lender group “fraudulently represented itself to be a financial creditor” and requested the NCLT to direct it to “prove its authority to represent the creditors before it”.
On the same lines, speaking in a podcast last month, Raveendran said that the GLAS Trust, which is a consortium of BYJU’S $1.2 Bn Term Loan B (TLB) lenders, created a narrative to take control of BYJU’S.
Raveendran had also moved the NCLT to challenge the inclusion of GLAS Trust as well as Aditya Birla Finance to the CoC in March 2025. Raveendran has alleged that the reconstitution of the committee of creditors and appointment of insolvency resolution professional (IRP) Pankaj Srivastava was “fundamentally flawed” because of alleged conflict of interests.
After being excluded in the initial CoC, GLAS alleged that Srivastava was “secretly plotting” to reject its $1.35 Bn claims against the startup. The lenders also dragged the IRP to the Supreme Court in September 2024.
But in January, Srivastava was removed as the resolution professional, and the NCLT inducted GLAS onto the CoC.
In the case of Riju Ravindran, this is the second time he has challenged the reinstating of GLAS on BYJU’S CoC. In February, he appealed the NCLT’s decision to include GLAS, but this was eventually turned down.
GLAS Trust won a conviction in the US after suing BYJU’S for allegedly moving funds from its US accounts to other companies in contravention of the loan terms. Ravindran has been found guilty of embezzling $533 Mn and has been charged to pay $10,000 a day until he helps locate the missing amount.
The post BYJU’S Riju Ravindran Asks NCLT To Eject US Lenders From Insolvency Case appeared first on Inc42 Media.
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