Byju Raveendran doesn't have to pay $1B to US court
What's the story
The Delaware court in US has amended the $1 billion judgment against Byju Raveendran, the founder of edtech giant BYJU'S. The decision comes after fresh submissions were made through a motion to correct the November 20, 2025, judgment. The court has now ordered a new phase to begin in early January 2026, to determine any damages related to claims against Raveendran.
Legal battle
Allegations against GLAS Trust and lenders
Raveendran's legal team has accused GLAS Trust and the lenders of withholding or misrepresenting information. They claim this has misled courts and the public, leading to the business' collapse, loss of around 85,000 jobs, impact on 250 million students, and destruction of tens of billions of dollars in enterprise value. Raveendran is now considering further action against GLAS Trust for their alleged conduct.
Legal strategy
Raveendran's defense and future plans
Michael McNutt, Raveendran's litigation advisor, emphasized the importance of the court's decision to amend the judgment. He said that Raveendran has not been found liable to pay any damages to the plaintiffs. During the damages proceedings starting January 2026, they intend to prove that plaintiffs have suffered no damage due to Raveendran's actions, and have intentionally misled the court in this and other adversary proceedings.
Evidence submission
Raveendran's cross-border legal escalation
Raveendran has said he will submit evidence before US courts to support his claim that GLAS Trust and the resolution professional (RP) repeatedly misled the Delaware court, Indian and other courts, as well as the public. This was done by alleging that $533 million (Alpha Funds) was diverted by the founders for their personal benefit. The legal team has also alleged that GLAS Trust's sworn statements claiming ignorance about where the money went are false.
Fund usage
Evidence of fund utilization and future submissions
The legal team has claimed that information in GLAS Trust's possession shows the money lent to Alpha and sent by OCI to companies owned by Raveendran, was invested in Think & Learn as per relevant Indian laws. They also said the financial records of Think & Learn publicly available confirm that Raveendran and entities controlled by him invested over $475 million by buying shares in Think & Learn.