Byju Raveendran says he has ‘clinching evidence’ proving lenders misled courts on $533 million claim

Edtech founder Byju Raveendran has asserted that he will soon present “clinching evidence” before US courts to prove that GLAS Trust and the Resolution Professional (RP) repeatedly misled the Delaware Court, Indian courts, and the public by alleging that USD 533 million, referred to as the “Alpha Funds,” had been diverted by the founders.

He said this evidence will be filed as part of a full appeal against the Delaware Insolvency Court’s November 20, 2025 order. It will also accompany a previously announced claim valued at over USD 2.5 billion, according to ANI.

Raveendran moves US court to correct ‘premature’ damages ruling

Raveendran has separately approached the Delaware Bankruptcy Court with a motion seeking correction of what he calls a “premature” damages judgment. According to him, the ruling was issued without any discussion on valuation and despite GLAS Trust withdrawing its damages request in September, ahead of the public hearing.

He argues that the court appeared to have “inadvertently” included a damages award while issuing a default judgment that was meant only as a sanction for not providing documents on an expedited basis—not a judgment on the merits of the lenders’ claims.

The edtech founder alleges that documents available with GLAS Trust since April 2025 show that monies lent to Alpha—and later transferred to entities owned by him—were invested back into Think & Learn, the parent company of Byju’s.

He says the new evidence includes bank statements, emails, intermediary transfer records, and documentary admissions obtained by GLAS through subpoenas in US proceedings—but allegedly never disclosed to the court, the founders, or the public.

Sharing this material with the media, Raveendran said, “For two years, GLAS Trust has attacked my integrity and the other Founders by repeating a story they knew was false. Today, their own documents expose the truth. The funds were used for the benefit of Think & Learn and our impressive expansion. It is simply outrageous that I have been attacked in this manner and more importantly that BYJU’s customers and employees have been impacted by this attack based on pure greed of these Lenders and GLAS Trust. These parties will now be brought before the Courts and be required to answer some very tough questions. I wish I could say more but have been advised to limit my comments due to the litigation that I and the other Founders will file in the very near future against these parties.”

A litigation advisor for Raveendran claimed that, since June, the Delaware Court has been informed that GLAS Trust misled the bench by stating it did not know how the Alpha loan funds were used. He added that similar allegations were repeated by the RP of Think & Learn in Indian court filings, even as the RP refused to share documents with Raveendran that the Delaware court had ordered to be provided.

According to the advisor, “GLAS Trust & Alpha did not inform the Delaware Court that the alleged ‘missing’ funds were not missing at all but instead were used by Alpha and Think & Learn though an investment in shares of Think & Learn. Think & Learn guaranteed the Loan itself and has been ordered to pay damages in other Delaware Court proceedings.”

Raveendran’s legal team says massive defamation and damages lawsuits — estimated to exceed USD 2.5 billion — will be filed within the next month as the founders prepare a full-scale challenge to the lenders’ claims.