Business: US-based Glass Trust LLC on Tuesday filed a fresh plea in the Supreme Court seeking removal of edtech firm Byju’s from the bankruptcy panel. Glass Trust claimed that by removing it from the list of lenders, the debt level was reduced from 99% to zero. The US-based lender said its receivables are over Rs 11,000 crore. The lender was removed from the chain of custody list allegedly due to failure to provide certain documents to the resolution professionals.
On September 4, Glass Trust filed an application in this regard in the Bengaluru branch of the National Company Law Tribunal. However, they did not get any relief as the matter was pending in the Supreme Court. Kapil Sibal, senior advocate for Glass Trust, said that the CoC was constituted on August 19 under the IBC and Srivastava had confirmed and accepted the claims of Glass Trust. However, it has been removed from the list later.
