Mumbai: The Karnataka High Court admitted a fresh plea by Qatar Holding LLC against debt-laden edtech firm Byju’s, seeking to enforce a SGD 7.2 million ( ₹53 crore) arbitration award against founder Byju Raveendran and his company Byju’s Investments Pvt. Ltd (BIPL) in July.
Qatar Holding, an affiliate of the country’s sovereign wealth fund, is also seeking to enforce an earlier award by the Singapore International Arbitration Centre asking Raveendran and his Singapore-based investment vehicle BIPL to pay the fund over $235 million. The amount carries interest at 4% a year, compounded daily from 28 February 2024.
The latest plea pertains to the payment of SGD 7.2 million towards arbitration costs and the freeze on assets of Raveendran and BIPL up to the value of over $235 million. It also seeks a direction by the court requiring Raveendran to disclose all assets held by him, including their location, value and beneficial ownership.
The high court pronounced an oral order issuing a notice to Byju’s and clubbing it with other connected proceedings. The matter will be next heard on 21 September.
Qatar Holding’s claim traces back to a September 2022 loan of $150 million it gave to BIPL to acquire 17.9 million shares of Aakash Educational Services Ltd (AESL). Qatar Holding later terminated the arrangement and demanded immediate repayment of $235 million, including early termination fees and penalties.
It alleged the AESL shares were transferred to Beeaar Investco Pte Ltd, a Singapore entity that it said is beneficially owned by Raveendran, in violation of their agreement. The Qatar fund wants the court to prevent any transfer, sale or encumbrance of the AESL shares.
The AESL shares sit at the intersection of Raveendran’s personal creditor disputes and the broader battle for control and value in AESL, the test-preparation company widely viewed as the most valuable remaining asset linked to the Byju’s group.
The high court had already restrained Raveendran and BIPL from disposing of assets in September 2025. In January, it passed an ad-interim attachment order over Raveendran’s alleged beneficial interest in the 17.9 million AESL shares held through Beeaar.
The dispute also overlapped with AESL’s ₹250-crore rights issue. Mint reported in January that the attachment order raised questions over the ownership trail and beneficial-interest disclosures related to the AESL stake even as Beeaar participated in the first ₹100 crore tranche of the rights issue.
Other creditors are locked in litigation over the value of Aakash. In a separate insolvency case involving Think & Learn Pvt. Ltd, Byju’s holding company, the National Company Law Tribunal constituted a committee of creditors in 2024 to oversee the company’s resolution process.
In July, the NCLT paused the next stage of the insolvency process, including the issuance and finalization of prospective bidders, until 31 August, when it is scheduled to hear the founders’ challenge to claims of lenders seeking repayment of a $1.2 billion loan.
Email queries sent to Byju’s and Qatar Holdings were not answered until publishing time.
Yash Tiwari is a Mumbai-based journalist who reports on corporate and regulatory developments, with a focus on court-driven policy shifts and the intersection of law and public policy. He has been in the profession for two years. Before joining Mint, he worked at NDTV Profit as an assistant producer on the TV desk while also reporting, gaining experience across television and print journalism and combining reporting with production expertise.<br><br> Born in Kolkata, a city he remains deeply connected to, Yash has a keen interest in the technicalities of Indian law and aims to decode complex legal developments in a clear and accessible manner for readers. He is a graduate of the Asian College of Journalism, Chennai, where he completed his postgraduate diploma in journalism.<br><br> He closely follows politics and government policies, and has covered several state elections as a freelance journalist. His work is driven by the idea of making law less intimidating and more understandable for the general public.<br><br> When not at work, Yash can be found playing cricket, revisiting classic matches, or engaging in conversations about the evolving landscape of law and policy in India.
Salman S.H. is an Assistant Editor with Mint in Bengaluru, where he covers startups, venture capital, and the broader internet economy. Over the course of more than a decade in journalism and strategic communications, he has built deep reporting expertise across technology, fintech, consumer internet, digital platforms, and the business models shaping India’s new economy. At Mint, he tracks the companies, investors, and policy developments influencing how technology is built, funded, and scaled in India.<br><br>His reporting covers venture capital, startup strategy, fintech, edtech, funding trends, and the internet economy. He writes about how startups raise money, grow their businesses, respond to regulation, and adapt to changes in technology and policy. His work also looks at the impact of policy decisions on startups and investors, and tracks the sectors, founders, and firms shaping India’s digital economy.<br><br>Before Mint, Salman worked across several respected newsrooms, including The Economic Times, Financial Express, The Ken, Inc42, and The Core. He has also worked in strategic communications, leading PR strategy and media outreach for clients in education, online learning, consumer internet, and consulting. That combination of newsroom and communications experience gives him a clear understanding of how business stories are reported, shaped, and understood.
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