- Qatar Holding filed a plea to enforce a SGD 7.2 million arbitration award against Byjus founder and BIPL
- Qatar Holding seeks enforcement of a $235 million SIAC award plus 4% interest from February 2024
- The plea requests asset freeze and disclosure of Raveendran’s asset details by Karnataka High Court
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 Rs 53 crore) arbitration award against founder Byju Raveendran and his Singapore-based investment vehicle, Byju's Investments Pvt. Ltd (BIPL).
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.
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 has also asked the Karnataka High Court to direct Raveendran to disclose details of all assets held by him, including their location, value and beneficial ownership.
The High Court passed an oral order issuing notice to Byju's and clubbed the matter with other connected proceedings. The case will next be heard on September 21.
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. Qatar Holding subsequently terminated the arrangement and demanded repayment of around $235 million, including early termination fees and penalties.
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The fund alleged that the AESL shares were transferred to Beeaar Investco Pte Ltd, a Singapore-based entity that it claims is beneficially owned by Raveendran, in violation of the agreement. Qatar Holding is seeking to prevent the transfer, sale or creation of any encumbrance over the AESL shares.
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 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 Beeaar.
The attachment order also raised questions around the ownership trail and beneficial-interest disclosures related to the AESL stake. The dispute has overlapped with AESL's Rs 250-crore rights issue. Beeaar participated in the first Rs 100 crore tranche of the rights issue, adding another layer to the questions surrounding the AESL shareholding.
The Qatar Holding dispute is one of several legal battles involving Byju's and its creditors. In a separate insolvency proceeding 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. The insolvency proceedings have also been complicated by disputes over a $1.2 billion loan.
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. The tribunal is scheduled to hear the founders' challenge to claims by lenders seeking repayment of the $1.2 billion loan on that date.
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