Byju Raveendran ordered to pay over $1 billion as US court delivers default ruling

A US court has ordered Byju Raveendran to pay back over $1 billion on the basis of a petition filed by BYJU’s Alpha and US-based lender GLAS Trust Company LLC. The default judgment held him personally liable for the movement and concealment of funds.

The Delaware Bankruptcy Court found that Raveendran had failed to comply with its discovery order and continued to be evasive on several occasions. The court had also issued contempt order in the matter but noted that he continued to refuse to respond to the discovery requests or pay the sanctions he owed.