Learning using privileged information and distillation are powerful machine learning frameworks that allow a machine learning model to be learned from an existing model or from a classifier trained over another feature space. Existing implementations of learning using privileged information are limited to classification only. In this work, we have proposed a novel meta-loss function that allows the general application of learning using privileged information and distillation to not only classification but also regression and other related problems. Our experimental results show the usefulness of the proposed scheme.