Overview

• On July 7, Judge Brendan L. Shannon found Raveendran in civil contempt for ignoring two limited expedited discovery orders.
• The court directed him to pay $10,000 for each day of non-compliance beginning July 1 until he produces the required documents.
• BYJU’S Alpha and GLAS Trust have 30 days to submit a detailed bill of costs for legal fees and expenses, after which Raveendran may object within seven days.
• The ruling arrives after lenders sold BYJU’S US units Tynker and Epic! at steep discounts in May to recoup losses on a $1.2 billion term loan.
• BYJU’S continues to face parallel bankruptcy proceedings in Delaware and India over allegations that $533 million in loan proceeds was misappropriated.