Karnataka HC bars Byju Raveendran from selling assets in $235 million Qatar Holdings dispute
Mumbai: The Supreme Court of Karnataka forbade Byju Ravendran, the founder of the problematic Edtech, to sell or transfer any assets with another setback for the famous initiative. Emir follows a petition of Qatar Holdings LLC, who is looking for applications in India with a $ 235 million referee award.
Qatar Holdings, a subsidiary of the Qatar Investment Authority (QIA), loaned $ 150 million to the Aakash Institute, the company’s test preparation company in 2022, in 2022.
Justice R. Natraj a bench, led by Natraj, said on Monday, “Petitions (Qatar Holdings), the participants (BYJUs) alienation (ByJus), respondents, defendants, before the restriction before the restriction, the participants, the participants, the participants, the participants, among the participants Among them, between them, between them, between them, between them, between them, before the next hearing date.
The dispute dates back to September 2022, when Byju provides a $ 150 million loan to Investments PTE LTD (BIPL) by Qatar Holdings. Ltd. (Byju’s).
Money was used to break down the acquisition of 17.89 million shares in AAKASH Educational Services LTD within a scope of an agreement that clearly prohibits the transfer of shares. However, the stocks were later moved to another Singapore -based company controlled by Ravendran by violating the matter.
After repeated defaults, Qatar Holdings canceled the financing agreement and demanded an early recycling of $ 235 million. Both BIPL and Ravendran could not fulfill the contract and personal warranty obligations.
In the meantime, Qatar Holdings watched arbitration in Singapore. In March 2024, an emergency referee ordered that the assets of Ravendran and BIPL up to $ 235 million of Ravendran and BIPL would freeze globally to prevent disintegration. Singapore Supreme Court then approved this order.
On July 14, Singapore International Arbitration Center (SIAC) immediately paid $ 235 million to Qatar Holdings. The Court also decided that the interest rate that has been combined at a rate of 4% on a daily basis since February 2024 should be paid. This has already added more than $ 14 million and increased the debtor amount to 249 million dollars La2.183 Crore).
At the Supreme Court of Karnataka, Qatar Holdings Advisor asked for a precautionary measure against asset transfers and searched for the connection or sale of moving and immovable properties of Ravendran or BIPL in India.
Byju’s adviser Rishab Gupta said to the court that his client did not present a copy of Qatar Holdings’s petition and was looking for more time to appeal. The court later led Qatar Holdings to give the petition to Byju’s.
“This partial reward is challenging in front of a Singapore Supreme Court, G Gupta said. “We are pleased to give an attempt not to alienate any assets until the next hearing. This is also an attempt to this court on a separate subject.”
Byju’s troubles
Edtech’s problems have deepened over the years, after the company went bankrupt on 16 June 2024, LaPaying 158 Crore to the Cricket Control Board within the scope of Jersey sponsorship agreement. The agreement, which was signed in 2019 and dates back to November 2023, collapsed after the payment errors triggered bankruptcy transactions.
Byju Ravendran in the United States was accused of disrespecting the court in a separate dispute. In April, Alpha Inc., a company’s US -based finance tool, accused Alpha Inc., his parent, his wife Divya G schoolnath, brother Riju Ravindran and administrator Anita Kishore. This case is in front of the US bankruptcy court.
Founded in 2011 by Ravendran and Divya G schoolnath, Byju’s was once the most famous Edtech attempt in India, won the status of unicorn horse and attracted global investors.
However, aggressive expansion led to financial difficulties, regulatory examination, and increased disagreements with the creditors – once again pointed to a dramatic decline in India’s most famous initiative.
