US lenders not on insolvency panel of India's Byju's, sources say

U.S.-based Glas Trust is not part of a key panel overseeing the insolvency proceedings of Indian education-technology giant Byju's, and will need to substantiate the $1 billion claim of lenders it represents, according to documents and three sources. Byju's was once a darling of global investors and valued at $22 billion in 2022, but is now facing insolvency due to its dispute with U.S. lenders. The company became popular by offering online training courses during the COVID-19 pandemic.

Its insolvency officer, Pankaj Srivastava, told Glas in a Sept. 1 letter that a majority of the lenders it was representing have no business rights left as part of agreements with Byju's, and can't stake a claim.
As a result, in a setback for U.S. lenders, the insolvency panel has been reconstituted without Glas Trust, according to three sources with direct knowledge of the matter, who spoke on condition of anonymity.