Byju’s, the embattled Indian education technology company, suffered another significant setback on September 23 when the Delaware Supreme Court upheld a ruling that declared the company in default on its $1.

Think and Learn, which owns Byju’s brand, said the Delaware SC has merely upheld a limited ruling by the Chancery court on the validity of one of their nominees as the director of the shell company, B

The company maintained that loan acceleration and enforcement actions by GLAS are still pending before the New York Supreme Court.

The Delaware Supreme Court has confirmed that Byju’s is in default on a $1.2 billion loan, allowing US lenders to take control of its unit, Byju’s Alpha. The court validated the lenders' move to appoint Timothy Pohl as sole director,

The top court in Delaware has held that Byju’s defaulted on a $1.5-billion loan from US lenders. This and more in today’s ETtech Top 5.

The ruling allows lenders to take control of the company’s assets in the US, primarily Byju’s Alpha Inc, and demand full repayment. Lenders have appointed Timothy Pohl as the sole director of Byju’s Alpha Inc for the purpose.

BYJU'S US lenders through their administrative agent GLAS Trust approached Delaware Court of Chancery alleged default in the payments under the loan agreement and sought early payment of the $1.2 billion TLB.