Delaware court reverses $1 billion judgment against Byju Raveendran

NEW DELHI: The Delaware court has reversed the $1 billion judgment against Byju Raveendran, in view of fresh submissions made by Byju Raveendran through a motion to correct the judgment of November 20. The court agreed that damages had not been determined and ordered a new phase to commence in early January 2026 to determine any damages related to claims against Byju Raveendran.

“The significance of the court’s decision to amend the judgment cannot be overstated. Byju Raveendran today has not been found liable to pay a single dollar in damages to the plaintiffs. During the damages proceedings starting January 2026, we intend to demonstrate to the court that not only have the plaintiffs suffered no damage whatsoever due to actions of Byju Raveendran, but also that the plaintiffs have intentionally misled the court in this proceeding and other adversary proceedings”.

“We also intend to demonstrate that these plaintiffs have sought to mislead courts in India and elsewhere to gain advantage in those court proceedings by harassing and damaging Byju Raveendran, Divya Gokulnath, and Riju Ravindran. We reserve the right to seek sanctions against plaintiff’s counsel for their conduct in these proceedings. We will seek the necessary remedy in the Delaware courts and through the $2.5 billion lawsuit that we intend to file prior to the end of the year”, stated Michael McNutt, litigation adviser for Byju Raveendran.

Meanwhile, Byju Raveendran has claimed that he will submit clinching evidence before the 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 for their personal benefit.

This evidence, he claims, will be submitted as part of a full appeal against the entire amended judgment of the Delaware Bankruptcy Court of December 8, and as part of the claim to be filed against relevant parties previously announced with a value of over $2.5 billion. Byju Raveendran claimed he will also share the same evidence with the Indian courts in the coming weeks. (ANI)