Karnataka high court admits Qatar Holding plea for enforcement of arbitration award against debt-laden Byju’s
The latest plea pertains to the payment of SGD 7.2 million towards arbitration costs.
The Karnataka High Court has granted a plea from Qatar Holding LLC to enforce a SGD 7.2 million arbitration award against Byju's, the debt-ridden edtech company. Founder Byju Raveendran and his company Byju's Investments Pvt. Ltd (BIPL) are also targets of another arbitration award seeking repayment of $235 million from the sovereign wealth fund's affiliate.
The recent plea seeks an additional SGD 7.2 million in arbitration costs, a freeze on assets valued at over $235 million, and for Raveendran to disclose all his assets, including their location, value and beneficial ownership. The dispute stems from a September 2022 loan of $150 million from Qatar Holding to BIPL for acquiring shares of Aakash Educational Services Ltd (AESL).
Qatar Holding terminated the arrangement and demanded immediate repayment of $235 million, accusing AESL of transferring shares to a Singapore entity owned by Raveendran in violation of their agreement. The matter is set to be heard again on September 21.
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