Ready to pay back lenders money before taking any single rupee out: Byju

BYYFU’'S founder Byju Raveendran said that lenders will not get any money if the process of insolvency against the company continues

Troubled edtech firm BYJU'S founder Byju Raveendran on Thursday said that he is willing to pay back the entire money to lenders if they are willing to work with him.

During a two-and-a-halfhour call with the media, Raveendran said that lenders will not get any money if the process of insolvency against the company continues.

"If they are willing to work with me, I am willing to give them money back before I take a single rupee out. We paid $140 million but they wanted the entire $1.2 billion which we have already committed or invested by then. There is no way we could have given them back for a long time. Most lenders wanted to settle but one or two wanted to make a killing out of it," Raveendran said.

At present, BYJU'S is undergoing insolvency proceedings. The insolvency proceeding was triggered after BCCI approached NCLAT to recover their Rs 158.9 crore dues. The company settled the dispute with BCCI after paying the entire dues following which NCLAT revoked the insolvency proceedings.