According to the judgement dated November 20, 2025, the Delaware Bankruptcy Court found that Mr. Raveendran failed to comply with its discovery order and continued to be evasive on several occasion.

BYJU’S owner Byju Raveendran. File.
| Photo Credit: Reuters

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New Delhi:

Byju Raveendran, the founder of troubled edtech firm Byju’s, on Thursday said that he is willing to pay back all the money owed to lenders if they are willing to work with him.

During a two-and-a-half-hour call with the media, Mr Raveendran said lenders will not get any money if the process of insolvency against the company continues.

“If they are willing to work with me, I am willing to give them money back before I take a single rupee out. We paid $140 million but they wanted the entire $1.2 billion which we had already committed or invested by then. There is no way we could have given them back for a long time. Most lenders wanted to settle but one or two wanted to make a killing out of it,” Mr Raveendran said.

At present, Byju’s is undergoing insolvency proceedings, triggered after the BCCI approached the National Company Law Appellate Tribunal to recover its Rs 158.9-crore dues. The company settled the dispute with BCCI after paying the entire dues following which NCLAT revoked the insolvency proceedings.

However, US lenders through their agent Glas Trust challenged the NCLAT order in the Supreme Court which restored the insolvency proceedings against the edtech firm.

Byju’s has raised a $1.2 billion Term Loan B (TLB)– a loan which is issued by institutional investors –through its holding company Byju’s Alpha, from US-based lenders.

The trouble for Think and Learn, which owns the Byju’s brand, began after the lenders through Glas Trust approached Delaware Court of Chancery alleging default in the payments under the loan agreement and sought early payment of the $1.2-billion TLB.

The US-based lenders through Glas have filed claims of $1.35 billion dues in Indian courts during ongoing insolvency proceedings against the edtech firm.

In the latest statement, the lenders have raised their total claim to $1.5 billion.

Mr Raveendran said that no money raised from US lenders has come to India as it also needs permission from the Reserve Bank of India.

He said that there are some aggressive lenders who initiated a case against the company and they don’t care about stakeholders in the business as it is their business model to make money out of distress.

Mr Raveendran said that all the deals and acquisitions were approved by the Byju’s board, which included leading investors.

“Most of the acquisitions were brought in by the investors and we got carried away. Investors wanted us to launch in 40 countries together. Investors celebrated when we raised a $1.2-billion loan,” Mr Raveendran said.

Byju’s board member representing Peak XV Partners, earlier known as Sequoia Capital India, Prosus and Chan Zuckerberg Initiative resigned from the company in June 2023.

Mr Raveendran said that investors resigned from the board after Glas Trust filed a case in the Delaware court assuming that the liability to pay back the loan would fall on them.

He said that, over the years, only managers have left the company and five out of six owners of Byju’s are still with the firm.

Mr Raveendran said that he is hopeful of making a big comeback after the insolvency issue is resolved.

“Our subsidiary has not taken any hits. At a consolidated level, we will have more than Rs 5,000 crore in revenue. We are struggling in the core business which has become zero. Still, there are 200 million kids who come to our platform every month. We have to revamp and revive,” he said.

Mr Raveendran said that whatever may be the result of litigation, he will continue to teach and nobody could stop him from teaching students.

“Investors will come back when they see value,” he said. 

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

On August 14, the Supreme Court stayed the verdict of NCLAT, setting aside the insolvency proceedings, approving its ₹158.9 crore dues settlement with the Indian cricket board.
| Photo Credit: Reuters

The Supreme Court on Wednesday (September 11, 2024) said it will hear on September 17 the appeal of U.S.-based creditor Glas Trust Company LLC against a judgment of the National Company Law Appellate Tribunal (NCLAT), which had stayed insolvency proceedings against ed-tech firm BYJU’s and approved its ₹158.9 crore dues settlement with the Board of Control for Cricket in India (BCCI.)

A Bench comprising Chief Justice D.Y. Chandrachud and Justices J.B. Pardiwala and Manoj Misra was urged by a battery of lawyers that the plea be heard urgently keeping in mind the subsequent developments in the case.

The plea was mentioned by senior advocate N.K. Kaul, appearing for the ed-tech major, that the case needed to be heard at the earliest. The submission was supported by Solicitor General Tushar Mehta, appearing for the BCCI, and senior lawyer Abhishek Singhvi, also appearing for the ed-tech firm.

Mr. Kaul said another plea in the case has also been filed and that is listed for hearing on September 17 and hence, the present plea be either heard on that day or the hearings in both the cases be advanced to this Friday. “We will hear both the pleas on September 17,” the CJI said.

Senior advocate Shayam Divan, appearing for the U.S.-based creditor, said let the matters be heard together on September 17. Earlier on August 22, the Bench had refused to pass an interim order to ensure that the Committee of Creditors (CoC) does not hold any meeting in pursuance of the insolvency proceedings against the embattled ed-tech firm. It had listed the plea for a final hearing on August 27.

The Bench had said the developments, which may take place in the meantime, can be negated if it finds there was no merit in the appeal of the U.S.-based creditor against the judgment of appellate insolvency tribunal NCLAT.

The plea was mentioned earlier also on August 20 by Byju’s and the BCCI and the top court had then also refused to pass an interim order to restrain the Insolvency Resolution Professional (IRP) from constituting a committee of creditors (CoC) in the insolvency proceedings against the ed-tech firm.

In a major setback to Byju’s, the top court, on August 14, stayed the verdict of NCLAT, setting aside the insolvency proceedings against the ed-tech major and approving its ₹158.9 crore dues settlement with the Indian cricket board.

The August 2 verdict of the NCLAT had come as a huge relief for Byju’s as it had effectively put its founder Byju Raveendran back in control.

The top court, however, had prima facie termed the NCLAT verdict as “unconscionable” and stayed its operation while issuing notices to Byju’s and others on the appeal of the ed-tech firm’s U.S.-based creditor against the judgment of the insolvency appellate tribunal.

The case stemmed from Byju’s default on a ₹158.9 crore payment related to a sponsorship deal with the BCCI. The top court had directed the BCCI to keep a sum of ₹158 crore it had received from Byju’s after a settlement in a separate escrow account till further orders.

“Issue notice. Pending further orders there shall be a stay of the impugned order of August 2 of NCLAT. In the meantime, BCCI shall maintain the amount of ₹158 crore, which shall be realised in pursuance of a settlement, in a separate escrow account until further orders,” the Bench had said.

The NCLAT had approved the ₹158.9 crore dues settlement with the BCCI and set aside the insolvency proceedings against Byju’s. Byju’s had entered into a “Team Sponsor Agreement” with the BCCI in 2019. Under the agreement, the ed-tech firm got exclusive rights to display its brand on the Indian cricket team’s kit and some other benefits. Byju’s had to pay a sponsorship fee. The company met its obligations till the middle of 2022 but defaulted on subsequent payments of ₹158.9 crore.

After insolvency proceedings were initiated, Byju’s entered into a settlement with the BCCI. On July 16, the Bengaluru Bench of the National Company Law Tribunal (NCLT) had admitted ‘Think and Learn’, Byju’s parent company, to the insolvency resolution process on a plea filed by the BCCI over default in payment of outstanding dues of almost ₹158.9 crore.

While suspending the board of the ed-tech firm, the NCLT had appointed an interim resolution professional to run the operations of the company, suspended the company’s board of directors, and brought it under moratorium by freezing its assets.

The U.S.-based lenders suspected that the settlement amount was being diverted from the credit they had extended to Byju’s.

New Delhi:

Embattled edtech company Byju’s is yet to pay July salaries to its thousands of employees and its Founder and CEO, Byju Raveendran, on Tuesday addressed workers, promising swift resolution despite facing several legal challenges.

In an email to employees, he said salaries will be paid promptly, even if that means raising more personal debt.

The company recently faced a serious challenge that pushed it into insolvency due to a dispute with the BCCI.

“We settled the case and were on the brink of regaining control of our finances after the NCLAT ruled in our favour,” Raveendran wrote.

Over the last several weeks, “several accusatory labels have been made against us – including reckless and damaging allegations that we are fugitives,” he noted.

Raveendran further said he has always been transparent about his whereabouts and activities, and there has never been an attempt to avoid legal or financial obligations.

“The foreign distress lenders have been litigating against us and appealed this ruling in the Supreme Court. The apex court has issued a temporary stay on the NCLAT’s decision, which means the control of the company’s accounts has not yet been restored to us,” he told employees.

Hence, founders are unable to infuse more capital to pay salaries like “we have always done over the past many months”.

As a matter of fact, “out of the Rs 3,976 crore disbursed as salaries to the team over the past two years, Rs 1,600 crore was infused by Riju (Raveendran) personally,” Byju said.

He also emphasised that the ED investigation against Byju’s is restricted solely to procedural deficiencies under FEMA, such as delay in filing Annual Performance Reports (APRs) with respect to duly compliant overseas investments arising from the delayed statutory audit.

He further said the company is on the verge of reversing the negative business cycle that began two years ago, showing clear signs of recovery.

“We are ready to launch Byju’s 3.0, an AI-driven, hyper-personalised educational platform low on cost and high on impact. I want to remind all of you that we are still the largest edtech platform globally with 150 million students using our products and services every month,” said the founder.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

National Company Law Appellate Tribunal (NCLAT) Chennai Judicial Member Justice Sharad Kumar Sharma on July 29 refused to hear an appeal by Byju Raveendran against the insolvency proceedings ordered against Think & Learn Private Limited, which runs Byju’s, citing that he has appeared for Board of Control for Cricket in India (BCCI) as senior counsel in number of cases.

He directed for the matter to be placed before NCLAT chairperson for nomination of appropriate Bench for hearing the case.

Also read: Byju’s woes: A timeline of the Indian edutech giant’s troubles at home and abroad

The National Company Law Tribunal (NCLT), Bengaluru, had ordered insolvency proceedings against Think & Learn Private Limited. The development came after the Board of Control for Cricket in India (BCCI) filed a petition claiming a default of ₹159 crore.

The NCLT had appointed Pankaj Srivastava as an interim resolution professional, who will oversee the management of Byju’s and power of board of directors was suspended for now.

Byju Raveendran, suspended director, promoter, & shareholder of Think & Learn Private Limited had moved NCLAT against the insolvency proceedings order. At the hearing on July 29, Justice Sharad Kumar Sharma said he is not proposing to take up the matter, as he has been appearing as senior counsel for BCCI. “So, I am refusing to hear the matter,” he said.

“I will not venture into this. I have been regular counsel for the BCCI in a number of cases”, Justice Sharad Kumar Sharma said and directed the case to be placed before NCLAT Chairperson for nomination of an appropriate Bench.

National Company Law Appellate Tribunal (NCLAT) Chennai Judicial Member Justice Sharad Kumar Sharma on July 29 recused himself from hearing an appeal by Byju Raveendran against the insolvency proceedings ordered against Think & Learn Private Limited, which runs Byju’s, citing that he has appeared for Board of Control for Cricket in India (BCCI) as senior counsel in number of cases.

He directed for the matter to be placed before NCLAT chairperson for nomination of appropriate Bench for hearing the case.

Also read: Byju’s woes: A timeline of the Indian edutech giant’s troubles at home and abroad

The National Company Law Tribunal (NCLT), Bengaluru, had ordered insolvency proceedings against Think & Learn Private Limited. The development came after the Board of Control for Cricket in India (BCCI) filed a petition claiming a default of ₹159 crore.

The NCLT had appointed Pankaj Srivastava as an interim resolution professional, who will oversee the management of Byju’s and power of board of directors was suspended for now.

Byju Raveendran, suspended director, promoter, & shareholder of Think & Learn Private Limited had moved NCLAT against the insolvency proceedings order. At the hearing on July 29, Justice Sharad Kumar Sharma said he is not proposing to take up the matter, as he has been appearing as senior counsel for BCCI. “So, I can’t hear the matter,” he said.

“I will not venture into this. I have been regular counsel for the BCCI in a number of cases”, Justice Sharad Kumar Sharma said and directed the case to be placed before NCLAT Chairperson for nomination of an appropriate Bench.

A director of Indian tech firm Think & Learn Pvt faces financial penalties for defying a US judge’s order to find out where the troubled company stashed $533 million that jilted lenders say should go to them.

Riju Ravindran, the brother of company founder Byju Raveendran, not only failed to make a serious effort to find out what happened to the cash, but deceived the court, US Bankruptcy Judge John Dorsey said during a hearing Tuesday in Wilmington, Delaware.

“I conclude Mr. Ravindran’s testimony is not truthful,” Dorsey said. Ravindran either knows where the money is being hidden and won’t say, or he refused to find out, Dorsey said. 

The decision was a symbolic victory for lenders, represented by their agent, Glas Trust, and likely puts only limited pressure on Ravindran to cooperate in order to avoid financial penalties. Dorsey said he would hold a hearing to decide how much Ravindran must pay in fines and whether the businessman has any assets subject to court jurisdiction.

Ravindran, his brother and his sister-in-law are the only directors of Think & Learn, which operates under the name Byju’s, according to court testimony. Dorsey has repeatedly expressed frustration over the company’s refusal to say where the money is being held. Earlier this year the judge ordered the arrest of a hedge fund manager who helped Ravindran move the cash. That manager refused a court order to reveal what happened to the money, Dorsey found. 

Dorsey declined to issue an arrest warrant for the Ravindran, who is an Indian citizen currently living in Dubai, a city in the United Arab Emirates, which does not have an extradition treaty with the US. 

A representative for Think & Learn did not immediately respond to a request for comment. During the hearing, Ravindran’s attorney, Sheron Korpus argued that his client did everything he could to find the money, but that his brother, Byju Raveendran and Byju’s wife claimed they didn’t know. 

“Everybody has their own family dynamic,” Korpus told the judge.

The missing money is at the heart of a fight between lenders owed more than $1.2 billion and Think & Learn. The two sides are battling in courts in Delaware and New York. Lenders had previously seized control of a holding company set up by Think & Learn to issue $1.2 billion in debt. That unit, Byju’s Alpha, is now in bankruptcy under Dorsey’s oversight. Ravindran is appealing a decision by Delaware’s Chancery Court approving that seizure.

The US bankruptcy case is BYJU’s Alpha Inc., 24-10140, US Bankruptcy Court District of Delaware (Wilmington).

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

Byju’s has announced change in sales strategy.
| Photo Credit: REUTERS

Edtech firm Think and Learn – owner of Byju’s brand – has slashed course subscription fees by 30-40% and hiked sales incentives by 50-100%, according to sources.

Byju’s Founder and CEO Byju Raveendran, who has started handling the company’s daily operations, in a meeting with 1,500 sales associates and managers, has announced change in sales strategy inclined towards scalability and flexibility.

“The annual subscription for the Byju’s Learning App is now available at a yearly early price of ₹12,000 (inclusive of taxes), while Byju’s classes and Byju’s Tuition Centres (BTC) are priced at ₹24,000 and ₹36,000, respectively, for a complete year of classes,” sources privy to the development said.

This is almost a 30-40% reduction in rates, they said.

Byju Raveendran has also promised to settle all dues of the sales team with higher incentives.

“The average sales salary is ₹40,000 per month. So, close a couple of sales, and you can get not just your salary but also clear your arrears. You can earn many multiples of your CTC through this model,” Byju said.

He announced that Byju’s sales associates will receive 100% incentives for the closed sales directly into their accounts the next working day, while managers will receive 20% of the same from the company.

“The average sales salary is ₹40,000 per month. So, close a couple of sales, and you can get not just your salary but also clear your arrears. You can earn many multiples of your CTC through this model,” Byju said.

He said the company has transitioned from a push-based to a pull-based sales model, which is driven by love for learning rather than the fear of missing out.

Byju has instructed managers to act as coaches, focused on supporting and enabling the sales team rather than enforcing strict call quotas.

“Associates will have the flexibility to work on their own terms, with no tracking of the number of hours spent on calls,” a company source said.

Byju’s has asked employees to report any ill treatment, forced sales or rude behaviour of managers directly to him.

A query sent to Byju’s seeking a comment on the development did not elicit any reply.

A Byju’s logo is seen in this illustration taken, June 22, 2023.
| Photo Credit: Reuters

Byju Raveendran, the founder of the edtech company Think and Learn, which owns the Byju’s brand, will handle the firm’s day-to-day operations following the resignation of CEO Arjun Mohan, the company said on April 15.

The company has also announced a major rejig of the business that will consolidate its business into three focused divisions – the learning App, online classes and tuition centres, and test-prep.

“The changes follow an extensive seven-month operational review and cost optimisation exercise led by outgoing BYJU’S India CEO Arjun Mohan. This new phase will also see Byju Raveendran taking a more hands-on approach in spearheading the daily operations of the company,” the company said.

Mr. Mohan will now transition to an external advisory role, lending his expertise to the company during this transformation phase.

Over the past four years, Mr. Raveendran focused primarily on strategic aspects such as raising capital and driving global expansion.

“With this new organisational structure and with the return of Byju Raveendran as the operational leader, BYJU’S is now well-positioned to begin its next chapter of innovation-led growth by launching at scale its new suite of AI-first products that have already received an overwhelmingly positive feedback in the pilot phase,” the statement said.