The lenders said their move to file corporate insolvency proceedings against Think and Learn was taken after 16 months of "good faith efforts" on behalf of the company to restructure its loans.
The petition was filed by GLAS Trust Co, the agent for Byju's term loans.
Any proceedings by lenders before the National Company Law Tribunal (NCLT) were premature and baseless, Byju's said in a statement.
"Initiation of legal proceedings does not reflect true financial standing of the company," Byju's said.
Byju's, backed by investors such as General Atlantic, Prosus and Silver Lake, has been roiled by a string of setbacks and has been negotiating the repayment of a $1.2 billion loan in the last few months.
The company is also looking to raise more than $100 million from its existing stakeholders at a steep 90% discount to its $22 billion valuation in its last funding round in 2022, Bloomberg News reported on Tuesday.
The education firm had also received a notice from the Enforcement Directorate (ED), India's financial crime-fighting agency, in November to pay a fine over alleged violations of India's foreign exchange laws.
Byju's violated India's Foreign Exchange Management Act (FEMA) norms by delaying the filing of documents against the foreign investment of about 80 billion rupees and failed to allot shares against these, the ED had said.
(Reporting by Kashish Tandon; Editing by Anil D'Silva)
