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2w ago

BYJU’s Founders Launch $2.5 Billion Multijurisdictional Lawsuits Against GLAS Trust

Byju Raveendran and Divya Gokulnath are seeking more than $2.5 billion for damage to their business reputation.

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Overview

  • The founders plan to sue GLAS Trust and other lenders in India and abroad for at least $2.5 billion in damages.
  • They are challenging GLAS Trust’s authority as trustee for the $1.2 billion term loan consortium in India’s insolvency proceedings against Think & Learn.
  • Byju Raveendran has asked the Delaware Bankruptcy Court to reconsider a July 7 contempt order that imposes $10,000 in daily fines for non-compliance with discovery directives.
  • Their counsel insists no court in India or the United States has ordered the founders to pay any amount to Think & Learn or related entities.
  • The lawsuits follow contested allegations by BYJU’S Alpha that the founders diverted $533 million of loan proceeds, charges they deny.