The Karnataka High Court on Thursday adjourned the hearing of the Qatar Investment Authority (QIA) case against Byju Raveendran to August 26, with interim orders previously passed to remain in effect.QIA, seeking to secure Raveendran’s personal assets up to approximately $235 million, had filed an application on April 29 under Section 9 of the Arbitration and Conciliation Act, 1996.
The fund had requested an injunction to restrain Raveendran and his associates from dealing with their assets and an order for Raveendran to disclose full details of his assets under oath. During the hearing on Thursday, Raveendran’s counsel informed the court that Byju’s parent company, Think and Learn, has been admitted into the Corporate Insolvency Resolution Process (CIRP) following a National Company Law Tribunal (NCLT) order on July 16.
This order, coming after proceedings initiated by the Board of Control for Cricket in India (BCCI) over unpaid dues of ₹158 crore related to sponsorship rights, imposes a moratorium under Section 14 of the Insolvency and Bankruptcy Code, prohibiting new and ongoing legal proceedings against the company and restricting its ability to transfer or dispose of assets.
Byju’s has appealed its admission into CIRP at the National Company Law Appellate Tribunal (NCLAT), with the hearing scheduled for July 29. Given these parallel developments since the initial filing in April, QIA’s counsel did not object to the adjournment of the interim measure. The fund had made a series of investments between 2019 and 2022, including investments into the company and a $250 million loan to Raveendran in March 2022, bringing their total exposure to approximately $735 million.