Proofs show lenders misled on $533 million claim: Byju

Edtech firm’s founder plans $2.5 bn defamation suit against GLAS Trust, RP

- PEERZADA ABRAR

In a major cross-border legal escalation, edtech entrepreneur Byju Raveendran will submit evidence before US courts, proving that GLAS Trust and the Resolution Professional (RP) repeatedly misled the Delaware court, Indian and other courts, and the public by falsely alleging that $533 million (Alpha Funds) was diverted by the founders.

This evidence, shared with the media on Thursday, will be submitted as part of a full appeal against the entire November 20, 2025, order of the Delaware insolvency court, and as part of the claim to be filed against relevant parties previously announced with a value of over $2.5 billion.

Additionally, Raveendran, founder of Think and Learn Private Limited (TLPL), the parent company of troubled edtech firm Byju’s, has separately filed a motion in the Delaware bankruptcy court, which his team said is to correct the court’s premature damages judgment. Raveendran’s legal team said this motion (a copy was seen by Business Standard) establishes that the damages ruling was premature and issued without any debate on the value, and that GLAS Trust withdrew its request for a determination of damages at the end of September, prior to the public hearing.

Raveendran’s legal team said the court appears to have inadvertently included a damages award when determining to sanction Raveendran in its default judgment merely for failing to provide documents and information on an expeditious basis.