Indian edtech firm Byju’s, valued at $22 billion, has accused its US-based lender, Redwood, of predatory tactics and filed a lawsuit against the investment management company over its $1.2 billion loan. Byju’s, which skipped a $40 million interest payment due on June 5, stated it will not make any further payments until the dispute is resolved in court. The company has been seeking a loan restructuring deal but negotiations were ended after creditors demanded accelerated repayment. Byju’s claims Redwood unlawfully accelerated the loan due to alleged non-monetary and technical defaults and has taken enforcement measures, including appointing management at Byju’s Alpha.
Indian company worth Rs 1,80,000 crore takes bold stand against US lender
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