US court orders Byju to pay $1 bn after default ruling

A US court has ordered Byju Raveendran to pay back default amount of $1.16 billion to BYJU’s Alpha and US-based lender GLAS Trust Company LLC. According to a judgment dated November 20, the Delaware Bankruptcy Court found that Raveendran failed to comply with its discovery order and continued to be evasive on several occasions.

The judgement was given based on the petition filed by BYJU’s Alpha and GLAS Trust Company LLC. “The court will enter default judgment against Defendant Raveendran...in the amount of $533,000,000, and on Counts II, V and VI in the amount of $540,647,109.29,” the judgment said. BYJU's Alpha was incorporated when Raveendran was running the management of edtech firm Think and Learn Private Limited.