Davidson Kempner Capital Management filed an application with the Singapore International Arbitration Centre, or SIAC, on Sept. 25 against Byju’s subsidiaries Aakash Educational Services Ltd. and Think & Learn Pvt. Ltd. and the promoters of the company to recover its dues, two sources with knowledge of the matter said. Allen & Overy LLP and Indian law firm AZB & Partners represent Davidson Kempner Capital Management in the ongoing arbitration proceedings, the sources said.
Aakash Education Services issued unrated, unlisted redeemable aggregating INR 20 billion ($243.9 million) non-convertible debentures, or NCDs, to Davidson Kempner Capital Management in May, as
reported. Reorg reported on July 1 that the debenture trustee for the NCDs had sent an event of default notice to the issuer on behalf of Davidson Kempner Capital Management.
Davidson Kempner Capital Management has disbursed around INR 12 billion out of the total INR 20 billion NCDs, the sources said.
Davidson Kempner, AZB, Allen & Overy, and Byju’s did not respond to requests for comment.
– Dipika Lalwani, Malvika Joshi