Indian edtech giant Byju’s has filed a complaint in the New York Supreme Court to challenge the acceleration of the $1.2 billion term loan B, calling their demands for prepayment of the entire amount “high-handed,” and sought to disqualify Redwood, who it alleges has conducted a series of predatory tactics.
The Bengaluru-headquartered startup said Redwood purchased a significant portfolio of the loan while primarily trading in distressed debt “with the intent of making windfall gains.”
India’s most valuable startup said it will not make any payments to the term loan B lenders until the dispute is resolved.
The move from the Indian giant follows lenders “unlawfully” accelerating the t …
