Bengaluru, Dec 10 The Delaware Court on Wednesday reversed its earlier $1 billion judgment after reviewing fresh submissions filed through a motion to correct the November 20 ruling.
The Court noted that damages had not been properly determined earlier and has ordered a new phase of proceedings in early January 2026 to decide whether any damages are owed.
According to Raveendran’s legal team, GLAS Trust and the lenders withheld or misrepresented critical information during the case.
They argue that this misinformation misled courts and the public, contributing to the collapse of the edtech business, the loss of around 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 further legal action against GLAS Trust and other parties.
Michael McNutt, litigation advisor for Raveendran, said the amended ruling is highly significant because the Court has not found Raveendran liable to pay any damages at this stage.
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He added that during the upcoming damages trial, they plan to show that the plaintiffs suffered no losses due to Raveendran’s actions.
Instead, he claims the plaintiffs intentionally misled multiple courts in the US, India, and elsewhere to gain advantage, while harming Raveendran, Divya Gokulnath, and Riju Ravindran.
He also stated that 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 sweeping escalation of the cross-border legal fight, Byju Raveendran is preparing to submit new evidence to US courts.
This evidence allegedly shows that GLAS Trust and the Resolution Professional (RP) repeatedly misled the Delaware Court, Indian courts, and the public by falsely claiming that $533 million -- referred to as the “Alpha Funds” -- was diverted for the founders’ personal use.
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