Byju’s Founder Byju Raveendran Files for Personal Bankruptcy in US Court After $1 Billion Judgment

Byju Raveendran, founder of Byju the largest education company in India once, filed a personal bankruptcy petition in the court of the United States. The action follows a default judgment of over 1 billion dollars (about 9000 crores) against Mr Raveendran issued by a US judge who ordered him to produce answers to questions on the disposition of the borrowed funds totalling 533 million dollars. The judge ruled that the misappropriated money was transferred in a manner that resembled a fraud and imposed hefty fines which have added up to more than 1 billion US dollars.Due to such large order, Mr Raveendran has now decided to seek protection of bankruptcy in the same court in the US.

For advertisement on our platform, do call at +91 6377460764 or email us at contact@thephilox.com.

A court seizes the money and property of a bankrupt thus settling his or her debts fairly in a manner that is just when an individual files a case in court making Byju the most valuable startup in India with a value of 22 billion dollars. The company experienced numerous issues in the previous two years, such as loss of the investors, thousands of layoffs, conflicts with banks and lenders, the company spokesperson thought that Mr Raveendran is very sad about the step but had no other choice after the huge court order. He is yet seeing a chance to challenge the case in future and exonerate himself.It is one of the largest personal bankruptcies cases of an Indian founder.