A US bankruptcy court in Delaware has ordered BYJU'S co-founder Byju Raveendran to pay $1.07 billion. The ruling says he failed to comply with court orders in a case involving the company's US subsidiary BYJU'S Alpha, misappropriating $533 million and another $540.6 million related to hedge fund transfers.
Raveendran has denied the allegations, calling the ruling "premature" and claiming he was not given sufficient time to defend himself. He says he will file a counterclaim in US courts for at least $2.5 billion, alleging that lenders misled the court.
The case is part of a larger dispute over a $1.2 billion loan BYJU'S took out in 2021. The troubled edtech giant is already facing several legal battles in the US and India and is currently facing bankruptcy proceedings.
