Byjus, India's one of the largest educational startup company, will be facing default if they are unable to pay $40 million installment of its highest unrated loan amount of $1.2 billion on Monday.
The $40 million payment is expected to be made on June 5, reported Bloomberg. The information is not available in the public domain. The situation is still fluid and the Byjus's payment plan can change as well, reported Bloomberg.
Reportedly $1.2 billion debt is the largest unrated loan by a startup ever.
After a facing a set-back during the pandemic, startup led by Byju Raveendran had been trying to strike a deal with creditors to restructure the loan.
However, Bloomberg reported that the creditors demanding an accelerated repayment scrapped the long-running negotiations.
According to data complied by Bloomberg, the loan which slumped to a record low of 64.5 cents a dollar in September, is now quoted at around 78 cents.
The firm has missed deadlines to file financial accounts for the year to March 31.