New Delhi: A US court has directed Byju Raveendran to repay a default amount of $1.16 billion to BYJU’s Alpha and US-based lender GLAS Trust Company LLC. The Delaware Bankruptcy Court issued the order on November 20 after ruling that Raveendran repeatedly failed to comply with its discovery directives and remained evasive during proceedings.
The judgment came in response to a petition filed jointly by BYJU’s Alpha and GLAS Trust Company LLC. The court stated that a default judgment would be entered against Raveendran for $533 million under the first count and an additional $540.64 million under Counts II, V, and VI.
BYJU’s Alpha was originally incorporated during the period when Raveendran led the operations of Think and Learn Private Limited, the parent company of BYJU’s. The case marks one of the most significant legal setbacks for the embattled edtech founder, who has been facing mounting financial and regulatory scrutiny in recent months.
