Byju Raveendran, the founder of the edtech platform Byju's, is preparing to file a lawsuit worth $2.5 billion against GLAS Trust. This action comes as Raveendran plans to submit new evidence in US courts to counter allegations that $533 million was diverted from Byju’s Alpha, the company's American financing entity. This development follows closely on the heels of a Delaware bankruptcy court order, issued less than a week prior, which mandated Raveendran to pay over $1.07 billion in a default judgment. The US court's earlier ruling had stated that Byju's founders failed to cooperate with legal efforts to locate almost half the proceeds from a $1.2 billion US term loan that was issued in 2021.

Byju Raveendran has strongly contested the grounds upon which the Delaware court's order was based. He asserted that the court did not grant him sufficient time to arrange legal representation to contest the case, having previously requested a 30-day period for this purpose. In addition to challenging the recent order, Raveendran has vowed to initiate a parallel $2.5 billion damage suit against GLAS Trust and its assisting entities in another US court.

Raveendran claims that the entirety of the $533 million in question has been fully accounted for. He detailed that the majority of this sum, specifically $479.62 million, was routed from the loan manager OCI to Revere Capital. From there, it was transferred to Byju's entities and subsequently to the parent company, Think & Learn Pvt Ltd (TLPL). During that year, TLPL utilized these funds to finance acquisitions totaling $3 billion, notably including the acquisition of Aakash Educational Services. Raveendran further argued that documents served by GLAS Trust itself during the legal proceedings establish and confirm this money trail.

He stated that he has also submitted a motion to the Delaware Bankruptcy Court, seeking the correction of what he described as a