Byju Raveendran plans to appeal a US bankruptcy court order directing him to pay over US$1 billion.

The Delaware court issued a default judgment on November 20 after finding he failed to comply with orders.

It also found that he provided incomplete information about US$533 million allegedly transferred by Byju’s US unit.

The case involves lenders seeking to recover funds tied to a US$1.2 billion loan given to Byju’s in 2021.

Raveendran’s legal counsel said the court did not allow him to present a defense and plans to file appeals.

Byju’s was once valued at US$22 billion and backed by investors such as Tiger Global and Prosus.

The company is now facing multiple lawsuits, funding challenges, mass layoffs, and a court-supervised sale in India after insolvency proceedings.

Raveendran denies any wrongdoing.

🔗 Source: TechCrunch

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