Byju’s founder to appeal U.S. court order to pay over $1B in bankruptcy case

Core Viewpoint - Byju Raveendran, the founder of Byju's, is contesting a U.S. bankruptcy court's order requiring him to pay over $1.07 billion, claiming he has not committed any wrongdoing and accusing lenders of misleading the court [1] Group 1: Court Ruling and Allegations - A Delaware bankruptcy judge issued a default judgment against Raveendran for ignoring court orders and providing "evasive, incomplete" responses regarding approximately $533 million that Byju's U.S. unit allegedly transferred in 2022 [2] - The judge also highlighted issues with a limited-partnership stake valued at roughly $540.6 million, related to a $1.2 billion term loan extended to Byju's in 2021 [2] - The court's order followed a hearing where the judge noted a pattern of noncompliance, including Raveendran skipping hearings and missing deadlines, leading to unpaid sanctions of $10,000 per day [4] Group 2: Legal Actions and Responses - Earlier in April, U.S. lenders led by GLAS Trust filed a lawsuit against Raveendran and his wife over the missing $533 million, to which they denied wrongdoing and accused lenders of attempting a hostile takeover [3] - Raveendran's legal team plans to appeal the court's judgment, arguing that the court did not allow him to present a defense and relied on a prior contempt order [6] - The legal counsel contends that the funds in question were not used for personal benefit but for the parent company, Think & Learn [6]