The Karnataka High Court has admitted a fresh plea filed by Qatar Holding LLC against debt-laden edtech company Byju's, seeking enforcement of a SGD 7.2 million (around ₹53 crore) arbitration award against founder Byju Raveendran and his Singapore-based investment vehicle, Byju's Investments Pvt. Ltd (BIPL). According to reports from Mint, the plea was admitted in July 2025 and requests asset freeze and disclosure of Raveendran's asset details by Karnataka High Court. The High Court passed an oral order issuing notice to Byju's and clubbed the matter with other connected proceedings, with the case scheduled for next hearing on September 21. This represents a significant setback for Byju's as the court continues to address multiple creditor disputes involving the edtech giant.
Qatar Holding, an affiliate of Qatar's sovereign wealth fund, is also seeking enforcement of an earlier Singapore International Arbitration Centre (SIAC) award directing Raveendran and BIPL to pay more than $235 million to the fund. As reported by Mint, the earlier award carries interest at 4% per annum, compounded daily, from February 28, 2024. The latest plea relates to SGD 7.2 million in arbitration costs and seeks a freeze on the assets of Raveendran and BIPL up to a value exceeding $235 million. Qatar Holding is also seeking to prevent the transfer, sale or creation of any encumbrance over the AESL shares, adding another layer of complexity to the ongoing legal battles.
The dispute stems from a $150 million loan extended by Qatar Holding to BIPL in September 2022 to finance the acquisition of 17.9 million shares of Aakash Educational Services Ltd (AESL), the test-preparation business associated with the Byju's group. According to Mint, Qatar Holding subsequently terminated the arrangement and demanded repayment of around $235 million, including early termination fees and penalties. The fund alleged that the AESL shares were transferred to Beeear Investco Pte Ltd, a Singapore-based entity that it claims is beneficially owned by Raveendran, in violation of the agreement. 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.
Qatar Holding has asked the Karnataka High Court to direct Raveendran to disclose details of all assets held by him, including their location, value and beneficial ownership. As reported by Mint, the 17.9 million AESL shares have emerged as a key point of contention in the broader disputes involving Raveendran and Byju's creditors. AESL is widely regarded as one of the most valuable remaining assets associated with the Byju's group, making the ownership and control of the shares important in the ongoing creditor disputes. The attachment order also raised questions around the ownership trail and beneficial-interest disclosures related to the AESL stake, adding another layer of complexity to the legal proceedings.
The Karnataka High Court had previously restrained Raveendran and BIPL from disposing of their assets in September 2025. In January, the court also passed an ad-interim attachment order over Raveendran's alleged beneficial interest in the 17.9 million AESL shares held through Beeear. According to Mint, the attachment order raised questions over the ownership trail and beneficial-interest disclosures related to the AESL stake even as Beeear participated in the first ₹100 crore tranche of the rights issue. The dispute has overlapped with AESL's ₹250-crore rights issue, with other creditors also locked in litigation over the value of Aakash. In a separate insolvency case involving Think & Learn Pvt. Ltd, the holding company of Byju's, the National Company Law Tribunal (NCLT) constituted a committee of creditors in 2024 to oversee the resolution process. In July, the NCLT paused the next stage of the insolvency process, including the issuance and finalisation of the list of prospective bidders, until August 31, with the tribunal scheduled to hear the founders' challenge to lenders' claims on that date.
