In a major cross-border legal escalation, edtech entrepreneur Byju Raveendran will submit evidence before US courts, proving that GLAS Trust and the Resolution Professional (RP) repeatedly misled the Delaware court, Indian and other courts, and the public by falsely alleging that $533 million (Alpha Funds) was diverted by the founders. This evidence, shared with the media on Thursday, will be submitted as part of a full appeal against the entire November 20, 2025, order of the Delaware insolvency court, and as part of the claim to be filed against relevant parties previously announced with a value of over $2.5 billion.
Additionally, Raveendran, founder of Think and Learn Private Limited (TLPL), the parent company of troubled edtech firm Byju’s, has separately filed a motion in the Delaware bankruptcy court, which his team said is to correct the court’s premature damages judgment. Raveendran’s legal team said this motion (a copy seen by Business Standard) establishes that the damages ruling was premature and issued without any debate on the value, and that GLAS Trust withdrew its request for a determination of damages at the end of September, prior to the public hearing. Raveendran’s legal team said the court appears to have inadvertently included a damages award when determining to sanction Raveendran in its default judgment merely for failing to provide documents and information on an expeditious basis. The court determined no liability on the merits of any of the claims of GLAS Trust, and Raveendran provided no defence against those claims.
“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 TLPL 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,” Raveendran told Business Standard. “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,” he said.
In the coming weeks, Raveendran will also share the same evidence with Indian courts.
His legal team said a review of information in the possession of GLAS Trust since at least April 2025 indicates that the monies lent to Alpha (and sent by OCI to companies owned by Byju Raveendran) were indeed invested in TLPL as Raveendran has claimed all along. The team said the evidence was obtained by GLAS’ own lawyers in other adversarial proceedings. The same evidence was later obtained by Raveendran.
His counsel would demonstrate that the $533 million (Alpha Funds) went from Byju’s Alpha to intermediary entities and then to TLPL. GLAS and the RP had full visibility into this structure, routing, and bank transfers. The legal team said this directly contradicts GLAS’ sworn statements that it “does not know” where the money went. The team further said this demonstrates that TLPL properly guaranteed the Byju’s Alpha Loan and the monies were used for the benefit of the TLPL group, and were not “siphoned off” to the founders.
This new body of evidence includes bank statements, emails, intermediary transfer trails, and documentary admissions obtained by GLAS in response to subpoenas and other evidence in US court proceedings. However, the evidence was not transparently disclosed to the court, Raveendran, or the public.
A litigation advisor for Raveendran said: “Since early June this year, the Delaware court has been advised that GLAS Trust was misleading the court in its submissions by claiming that it did not know how the Alpha Loan proceeds were used. These same allegations have been made by the RP of TLPL in court submissions in India. The RP refused to provide information to Byju Raveendran, who had requested for the same as ordered by the Delaware court. GLAS Trust and Alpha did not inform the Delaware court that the alleged ‘missing’ funds were not missing at all but instead were used by Alpha and TLPL through an investment in shares of TLPL. TLPL guaranteed the loan itself and has been ordered to pay damages in other Delaware court proceedings.”
The legal team said the financial records of TLPL available publicly verify that Raveendran and entities controlled by him invested in excess of $475 million by purchasing shares in TLPL in the same period. The team said the claims of the RP of TLPL against the suspended directors in relation to the monies are unfounded as the monies from the US loan were invested in TLPL shares and in compliance with all relevant Indian laws. It said these findings are consistent with the founders’ statements that no funds were diverted for personal benefits and that GLAS always knew the Alpha Funds were used for TLPL’s benefit and not by any founder.
$2.5 billion defamation suit coming
The founders’ legal advisors have indicated that multi-billion-dollar defamation and damages lawsuits (estimated at over $ 2.5 billion) will be filed within 30 days, and defendants will likely include GLAS Trust and the RP. The defendants would also include all entities and individuals who participated in this coordinated conspiracy.
A $1.07 billion default judgment was recently given against Raveendran by a Delaware bankruptcy court. The judgment came after Byju’s Alpha and US lender GLAS Trust Company LLC sought repayment of funds they allege were improperly diverted. The court found Raveendran had been evasive on multiple occasions and awarded $533 million on one count and $540.6 million on three other counts while also ordering a full accounting of the disputed Alpha Funds.
Byju’s Alpha was incorporated in Delaware in 2021 as a special-purpose vehicle for a $1.2 billion term loan. Lenders later took control and alleged $533 million was “round-tripped” to Raveendran and his affiliates — a claim the founders reject.
Valued at $22 billion in 2022, Byju’s has seen its fortunes dwindle due to massive cash crunch, regulatory issues, and disputes with investors, including battle with US lenders who are demanding $1 billion in unpaid dues, triggering the firm’s insolvency.
The worth of once most-valued Indian startup is zero now, Raveendran had said as he called for rebuilding the erstwhile empire from the scratch, brick by brick.
An email query has been sent to GLAS Trust for comments about this new development.
