Byju’s has sued its American lender Redwood in the US court, read the company's statement

Edtech major Byju’s has reportedly sued its lender Redwood, an American investment management company and its related entities in the New York Supreme Court for accelerating the repayment of a $1.2 billion Term Loan B (TLB). According to a report in Economic Times, this marks a new twist in the long-drawn saga playing out between Byju’s and its lenders. This comes after Byju’s missed its quarterly interest payment of about $40 million for the TLB that was due on June 5. Byju's offshore lenders were scheduled to receive their interest payments on May 25, as per the contract, with grace period until June 5.

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