QIA Gets Interim Injunction Against Byju Raveendran In $235 Mn Arbitral Award Case

About a week after Qatar Investment Authority (QIA) moved the Karnataka High Court (HC) against BYJU’S cofounder Byju Raveendran, the HC has reportedly issued an interim injunction in favour of the investor. 

As per a report by Mint, the HC ordered Raveendran to not sell or transfer any of the assets mentioned in the QIA’s plea. 

“Since the petitioners sought for an interim injunction to restrain the respondents from alienating the assets (mentioned in schedule A & B), it is appropriate that the respondents are put on terms before granting an adjournment to file objections. In view of the above, the respondents are restrained by way of interim injunction from alienating, encumbering or transferring the properties till the next date of hearing,” the report quoted Justice R. Natraj as saying.

The QIA moved the HC against Raveendran and his investment vehicle BYJU’S Investments Pte. Ltd (BIPL) last month, seeking enforcement of a $235 Mn arbitral award. In a statement, the investor said then that the enforcement petition was a “concerted effort to reclaim money that it is lawfully owed under contract”. 

This marks yet another legal defeat for the troubled startup, which is facing a number of legal cases in India and outside India. The edtech startup, once valued at $22 Bn, is currently undergoing insolvency proceedings. 

In the case of the QIA, the issue pertains to the $150 Mn loan extended to BYJU’S in 2022 through a share pledge agreement. The financing was personally guaranteed by Raveendran, according to the QIA.

The investor claimed that BYJU’S was supposed to repay $300 Mn to it by March 31, 2025. BYJU’S used a part of the funds raised from the QIA to acquire 1.78 Cr shares of Aakash. The QIA claimed that there was an express restriction against transferring these shares. 

However, in an alleged breach of the agreement, the shares were later transferred to a Singapore-based corporate entity controlled by Raveendran. Subsequently, citing defaults, the QIA terminated the transaction in February 2024 and demanded early repayment of $235 Mn. However, Raveendran and BIPL failed to make the payment. 

Following this, the investor commenced arbitration proceedings against BYJU’S in Singapore, which saw it secure a freezing order for $235 Mn. In July 2025, the arbitrator tribunal directed Raveendran and BIPL to pay the $235 Mn, including an interest of 4% per annum, to the QIA.