Byju’s warring lenders’ attempt to get control of USD533 million dollars moved from its US subsidiary has been frustrated at Delaware and Miami courts. While the lenders argue that the transfer of the money is illegal, Byju’s rejects this position, maintaining that there is no covenant that bars movement of the money.
“The money is [in] some place [that] the lenders will never find it.” It was a curt and cold comment that carried the weight of a meteorite. Byju Raveendran, founder of Byju’s, dropped that line in the middle of a testy conversation with the company’s lenders in the first week of May this year. The acerbic remark, which gave away the tension and acrimony between Raveendran and the lenders, was just the beginning of a months-long battle of wits
BY
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