US bankruptcy court reverses USD 1 bn damages against Byju Raveendran

A US bankruptcy court has reversed a USD 1 billion damages ruling against Byju Raveendran, according to a statement from the founders of Think and Learn Pvt Ltd – the parent firm of ed-tech platform Byju’s. The Delaware Court had, in a default ruling last month, ordered Raveendran to pay more than USD 1 billion, saying the former corporate star who set up the eponymous Indian edtech and tutoring company, had refused to cooperate with legal efforts to locate almost half the proceeds from a USD 1.2 billion US term loan made in 2021.