$235 mn arbitration dispute: HC bars Byju Raveendran from alienating assets

The Karnataka High Court on Monday barred Byju’s founder Byju Raveendran from disposing of his properties after Qatar Investment Authority (QIA) moved to enforce a $235-million arbitration award against him.

 

A single-Judge Bench of Justice R. Nataraj passed an interim injunction restraining Raveendran and Byju’s from alienating or transferring the assets listed in the petition.

 

The order came during initial hearings on QIA’s plea to recognise and enforce a July 2025 award of the Singapore International Arbitration Centre (SIAC) as an Indian decree.

 

“Since the petitioners (Qatar Holdings) sought for an interim injunction to restrain the respondents (Byju’s) from alienating the assets (mentioned in schedule A & B), it is appropriate that the respondents are put on terms before granting an adjournment to file objections. In view of the above, the respondents are restrained by way of interim injunction from alienating, encumbering or transferring the properties till the next date of hearing,” the court said.

 

Raveendran’s lawyer Rishabh Gupta sought more time to file objections, arguing that a copy of the petition had not yet been served. He also opposed the interim freeze for the same reason, though the court noted that a similar undertaking against asset transfers had been made earlier.

 

QIA’s claim arises from a September 2022 financing deal under which its subsidiary Qatar Holding LLC lent $150 million to Raveendran’s Singapore investment vehicle. It was secured by his personal guarantee and shares of Aakash Educational Services Ltd.

 

The sovereign fund alleges that Raveendran breached the agreement by transferring pledged shares to an entity under his control.

 

After defaults, QIA terminated the facility in February 2024 and initiated SIAC arbitration. This culminated in a $235-million award plus a 4 per cent annual interest, taking the total dues above $249 million.

 

QIA has now asked the high court to attach and sell Raveendran’s Indian assets.

 

The proceedings highlight the collapse of Byju’s, once valued at $22 billion. It now faces insolvency and multiple creditor actions worldwide after its debt-fuelled acquisitions, including the $950 million buyout of Aakash, became unsustainable.