Byju Raveendran denies allegations, to move US Court against over USD 1.07 billion default judgment

New Delhi [India], November 22 (ANI): Byju Raveendran has contested a US bankruptcy court default judgment making him liable to pay back over USD 1 billion on a petition filed by BYJU's Alpha and GLAS Trust with his lawyer stating that the court judgement and related orders will be appealed promptly by Raveendran, according to press release issued by Byju's legal team.
The release said that Byju will appeal the US Court default judgement "issued on an expedited basis, and precluding Byju from presenting a defence". Byju Raveendran has denied all allegations. The release said that GLAS Trust "continues to mislead Delaware Courts and the public".
"It is important to note that in our view, the Court prematurely issued a monetary judgement against Byju Raveendran although the claim for damages had been withdrawn by GLAS in September 2025. This judgement is a result of an expedited Court procedure resulting from a gross misleading of the Court by GLAS. Byju Raveendran will present evidence of such misrepresentation in the previously announced claim of not less than $2.5 billion which will be submitted shortly before the US Courts," the release said.
"The recent Delaware Court Judgement is a consequence of GLAS' misleading of the Delaware Courts in order to obtain judicial relief and damage Byju Raveendran personally and indirectly the other suspended directors of Think & Learn Private Limited," it added.
The release said Byju Raveendran was specifically "provided insufficient time to retain legal counsel and address the Court orders to accelerate the proceedings".
"The judgement is a default judgment meaning that the Court issued this judgement without Byju being permitted to present a defence and instead deprived Byju of the presentation of a defence by relying on its prior Order of Contempt. Byju will dispute also that order as part of the appeal of this Judgement. GLAS has improperly claimed that it lacks the information of the use of the $533 million," it said.
"As a consequence of this judgement and other actions to harass Byju and the other Founders around the world, Byju and other founders will accelerate the preparation of their US Federal claims of racketeering and obstruction of justice in violation of US federal law estimated at over USD 2.5 billion. Such claims will include claims against GLAS and other parties who have incorrectly damaged the good reputation of the TLPL founders, who have built one of the most successful businesses in India and will seek damages against these 'vulture' funds," the release said.
J Michael McNutt, Senior Litigation Advisor, Lazareff Le Bars Eurl, said they will be filing appeals and other contestations related to the judgment.
"We consider that the US Court erred in its judgment of this matter and will be filing the ecessary appeals and other contestations related to this judgment and related Orders. The Court in our view ignored relevant facts. Byju Raveendran must be allowed to present a defence and has been denied the right to do so by expediting the trial. The judgement is a default judgment meaning that the Court issued this judgement without Byju being permitted to present a defense and instead deprived Byju of the presentation of a defense by relying on its prior Order of Contempt," McNutt said.
"The Delaware Court Judgement also does not address the fact that GLAS Trust has been aware that the monies from the Alpha loans were not used by Byju Raveendran or any Founder of BYJU's for their personal gain but were used for the benefit of Think & Learn Private Limited (TLPL)," he added.
McNutt said Byju Raveendran has always respected the Court process.
"In contrast, GLAS and others have not properly informed the Court in our view and have attempted to expedite this and other Court procedures to obscure the fact that Byju Raveendran has not willfully violated any law and including any contract in this matter. GLAS Trust controls Think & Learn Private Limited and the Resolution Professional of TLPL should be confronted and held responsible to explain the use of these funds," he said.
"Applications are pending before the Courts in India to require such disclosure and accountability by GLAS Trust and the Resolution Professional of TLPL. Claims are being prepared against Glas Trust and others in other jurisdictions. Such claims to be issued by all or some of BYJU's Founders are expected to demand monetary damages of not less than $2.5 billion and absent a settlement are expected to be filed with the relevant Court prior to the end of 2025," McNutt added.
Media reports that the Delaware Bankruptcy Court in the United States has ordered Raveendran to pay over $1.07 billion, after entering a default judgment. holding him responsible for the concealment of funds. (ANI)