Byju Raveendran Files Supreme Court Caveat Against US Creditor

Byju Raveendran has filed a caveat with the Supreme Court against Glas Trust Company LLC following an NCLAT order restoring the edtech company's board. The caveat aims to ensure Raveendran is heard before any further legal actions. Glas Trust contested an Rs 158.9 crore settlement, alleging foul play.

Byju Raveendran has proactively moved to safeguard his interests by filing a caveat with the Supreme Court against US creditor Glas Trust Company LLC. This legal maneuver follows a pivotal order from the National Company Law Appellate Tribunal (NCLAT), which restored the board of the edtech giant by setting aside ongoing insolvency proceedings.

The caveat was strategically submitted on August 3, just a day after the NCLAT mandated the reinstatement of Byju’s board. Glas Trust has expressed discontent with this decision, disputing the Rs 158.9 crore dues settlement with the BCCI. They raised concerns that the payment, made by Riju Raveendran (Byju’s brother), was tarnished by allegations of financial irregularities, including 'round-tripping.'

Meanwhile, Byju's has assured the court that no foreign funds were involved in the settlement. The NCLAT, in its ruling, dismissed Glas Trust's allegations of financial misconduct, observing that the payment had been appropriately sourced. The tribunal underlined the compliance with due financial protocols, noting that taxes were paid and money transferred through legitimate banking mechanisms.