Reeja Reverener, who is a co -founder and former promoter of Think and Learn, owns a debt -infected aditeck firm Bayju, as a financial lenders to remove the glass trust and remove the glass trust from its lenders to the Glass Trust.
In his petition, Ravindran has alleged that the glass trust has “fraudulently represented himself financial lenders” and requested the national company Law Tribunal to instruct him to “prove his authority to represent the lenders before.”
He said that the glass trust, which is representing Bauju's lenders in the United States, has the option to represent only 17.38 % of the consortium voting rights of the consortium of the term lenders.
According to Ravindran, glass lenders can take action only if the action is taken by lender, which contains more than 50 % of the term loan.
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Glass Trust Company LLC, a US -based firm, is a trustee for lenders, which owes $ 1.2 billion.
It has requested the NCLT to learn the Cook of Think and Learn directly to remove the Glass Trust Company LLC, and, in turn, keep all the decisions made by the COC aside and declare it … with the glass trust company LLC, as a member, as a member. “
The matter is scheduled for hearing in front of the NCLT Bangalore Bench on Friday.
As an interim move, Ravindran has also instructed the NCLT to be “under the patronage of thinking and learning, unless the glass has proved that it has the desired authority of the lenders under the credit and guarantee agreement, which has a date for 24.11.11.11.11.11.11.11.11.11.11.
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Ravindran filed the petition in the central petition filed by the Cricket Body BCCI, whose petition was launched against the Corporate Insurance Resolution Process (CRP) against the Editic Firm.
He further alleged that the glass had “cheated” to become a financial lender before the NCLT and received numerous orders on the basis of this.
He said, “This basic fraud has been made illegally on the tribunal, claiming that it has the option to represent the lenders under the credit and guarantee agreement of 24.11.2021 without the desired mandate from 51 percent of the lenders.”
After examining the contract disqualification procedure, the entire building of glass representation falls, which is used properly by the company, resulting in 61.43 % of the trim loon holders being disqualified.
He said, “This disqualification has reduced the original option to represent only 17.38 percent of GLAS's term loan, which has presented every action taken by the glass in these operations as an ultra -virus and false Abi Anisio.”
He further alleged that the glass had fully acquainted with its lack of authority, making Ernst and Young (EY) and a subsequent resolution of professionals to manipulate the CRP's process and maintain its illegal control.
On November 24, 2021, Baiju's Alpha Ink, who is a full -fledged US subsidiary of Think and Learn, received a loan of about $ 1.2 billion under a credit and guarantee agreement from a group of lenders. The contract was for a five -year period, which was the date of maturity for the term loan in November 2026.
However, the glass issued a default notice and tried to accelerate the term loan within 15 months of the credit agreement and 3.5 years before the date of maturity.
Realizing that some lenders have stepped into the shoes of preliminary investors in violation of the specific terms of the credit agreement, on June 5, 2023, issued their rights to protect themselves by issuing a letter of disqualification to the Red Wood institutions.
According to the request, the glass claims an administrative and suicide attack for the lenders under the credit agreement.
The glass trust, which also filed an insurance application, claimed that 72.2 % of the lenders had agreed to file the same.
“It has been said that out of these 72.20 %, 61.43 % are incompetent lenders. Therefore, those who are pleased with lenders (or” yes “votes), only 10.77 % represent the ineligible lenders. For this, they have to represent the lenders.
