Bengaluru, Karnataka– The Delaware Court on Wednesday reversed its earlier $1 billion judgment after reviewing new submissions filed through a motion to correct the November 20 ruling.
The Court said damages had not been properly determined and ordered a new phase of proceedings in early January 2026 to decide whether any damages are owed.
According to Byju Raveendran’s legal team, GLAS Trust and the lenders withheld or misrepresented critical information during the case. They argue this misinformation misled courts and the public, accelerating the collapse of the edtech company, the loss of roughly 85,000 jobs, the impact on nearly 250 million students, and the destruction of tens of billions of dollars in enterprise value.
Raveendran is also considering additional legal action against GLAS Trust and other parties.
Michael McNutt, litigation advisor for Raveendran, said the amended ruling is significant because the Court has not found Raveendran liable for any damages at this stage.
“Byju Raveendran today has not been found liable to pay a single dollar in damages to the Plaintiffs,” McNutt said.
He added that during the upcoming damages trial, the defense intends to show that the plaintiffs suffered no losses due to Raveendran’s actions. Instead, he claims the plaintiffs intentionally misled courts in the U.S., India, and elsewhere to gain advantage while harming Raveendran, Divya Gokulnath, and Riju Ravindran.
McNutt said they may seek sanctions against the plaintiffs’ counsel and will proceed with a planned $2.5 billion lawsuit before the end of the year.
“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,” he added.
In a broader escalation of the cross-border legal dispute, Raveendran is preparing to submit new evidence to U.S. courts. The material allegedly shows that GLAS Trust and the Resolution Professional repeatedly misled the Delaware Court, Indian courts, and the public by falsely claiming that $533 million in so-called Alpha Funds was diverted for the founders’ personal use. (Source: IANS)
