INSUBCONTINENT EXCLUSIVE:
Indian official and the US creditors have been in dispute with each other
(Photo: Reuters)3 min read Last Updated : Sep 14 2024 | 7:58 AM ISTBy Dorothy MaA US court ruling that placed into bankruptcy units
Tuesday hearing in Delaware, will lead to involuntary Chapter 11 bankruptcy of units including Neuron Fuel Inc., Epic! Creations Inc
and Tangible Play Inc., court papers showed
The order was made as a default judgment after the units failed to share requested information with creditors.
The development was
creditors, led by HPS Investment Partners, filed the petition in June, accusing company founder Byju Raveendran of violating their debt
contracts by refusing to give them financial details about the three units
bankruptcy cases in India and abroad
Creditors in the US and India have been suing for repayments.
Epic and the other Byju units opposed the forced bankruptcy
In a September court filing, they claimed that the lenders lacked legal standing to initiate the bankruptcy and argued the filings were an
complicated cross-border bankruptcy procedures
the request from the Indian official will change the ruling
effect, adding that the letter is informal
