In a significant development for Byju's, once considered one of India's premier tech startups, lenders have formally declared a default on a $1.2 billion loan as they take control of a vital unit of t
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Lenders have been pushing hard for the repayment of the $1.2 billion loan amid the companys mounting distress after a pandemic-era boom in online learning fizzled out. Byjus had been working to sell assets and deal with the loan issue when government investigators searched company offices this year.
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The loan dispute with Davidson Kempner was a corporate hangover on AESL and its settlement along with Pai’s entry mark significant milestones for Think and Learn Private Ltd (TLPL), the parent company of Byju’s, as it navigates a business restructuring amid a challenging macro funding environment.