**Byju Raveendran to Sue GLAS Trust for $2.5 Billion Amid Legal Dispute**
Byju Raveendran, the founder of the Edtech platform Byju’s, is preparing to file a lawsuit against GLAS Trust for $2.5 billion. This move comes as he plans to present new evidence in U.S. courts to refute allegations that $533 million was misappropriated from Byju’s Alpha, the company’s American financing entity. This development follows a recent Delaware bankruptcy court ruling that ordered Raveendran to pay over $1.07 billion due to a default judgment.
The U.S. court’s decision highlighted that Byju’s founders had not cooperated with legal efforts to trace nearly half of the proceeds from a $1.2 billion U.S. term loan issued in 2021. Raveendran has contested the basis of this order, claiming that the Delaware court did not allow him adequate time to secure legal representation, despite his request for a 30-day extension.
In addition to challenging the court’s ruling, Raveendran has committed to filing a parallel lawsuit against GLAS Trust and its affiliates in another U.S. court. He asserts that the entire $533 million in question has been properly accounted for, with the majority of the funds—$479.62 million—transferred from loan manager OCI to Revere Capital, and subsequently to Byju’s entities and its parent company, Think & Learn Pvt Ltd (TLPL). This capital was utilized for acquisitions totaling $3 billion, including the purchase of Aakash Educational Services.
Raveendran argues that the documents provided by GLAS Trust during the legal proceedings clearly outline the money trail. He has also submitted a motion in the Delaware Bankruptcy Court, seeking to rectify what he describes as a premature damages determination. He contends that the court mistakenly included a damages award as part of a sanction order for delayed document production, despite GLAS Trust retracting its request for a damages ruling in September.
In his statement, Raveendran expressed outrage at the situation, emphasizing the negative impact on Byju’s customers and employees due to what he perceives as the greed of the lenders and GLAS Trust. He stated, “These parties will now be brought before the courts and be required to answer some very tough questions.”
**FAQ**
*What is the basis of Byju Raveendran’s lawsuit against GLAS Trust?*
Byju Raveendran’s lawsuit against GLAS Trust is based on allegations of misappropriation of funds, specifically a claim that $533 million was diverted from Byju’s Alpha. Raveendran contends that the funds were properly accounted for and intends to present evidence to support his case.
