News Summary

Byju Raveendran, founder of the Indian ed-tech giant Byju’s, is set to appeal a U.S. bankruptcy court’s order mandating him to pay over $1.07 billion due to allegations of missing company funds. The Delaware court issued a default judgment against Raveendran after he allegedly ignored court orders related to $533 million in funds transferred by Byju’s U.S. unit in 2022. The court’s decision follows Raveendran’s pattern of noncompliance, including missing hearings and failing to meet deadlines. Raveendran denies any wrongdoing, accusing the lenders of misleading the court and planning a $2.5 billion lawsuit against them. Byju’s, once valued at $22 billion, is currently embroiled in multiple lawsuits and financial challenges, including a court-supervised sale process in India.