BENGALURU: The Qatar Investment Authority (QIA), through its subsidiary Qatar Holding LLC, has stepped up its legal battle against Byju Raveendran and his investment vehicle Byju’s Investments Pte. Ltd. (BIPL), moving the Karnataka High Court to enforce an arbitral award worth USD 235 million (approx. ₹2,060 crore), plus interest at 4% per annum, compounding daily, accruing from February 28, 2024 to the date of payment – such interest now amounts to over USD 14 million (approximately INR 123 crore).
The dispute dates back to September 2022, when Qatar Holding extended USD 150 million in financing to BIPL. The loan was personally guaranteed by Byju Raveendran, the co-founder and principal shareholder of Think & Learn Pvt. Ltd. (BYJU’s – the troubled Indian Edtech Company). The funds were used to part finance the acquisition of 17,891,289 shares in Aakash Educational Services Ltd., and there was an express restriction against transferring those shares. In breach of the agreement, the shares were later transferred to another Singapore based corporate entity controlled by Raveendran.
Following repeated defaults, Qatar Holding terminated the financing arrangement and demanded early repayment of USD 235 million. Both BIPL and Raveendran failed to meet their respective obligations under the contract and the personal guarantee.
Global Freezing Order
In March 2024, Qatar Holding commenced arbitration in Singapore. The Emergency Arbitrator ordered a global freezing order on BIPL’s and Raveendran’s funds and assets, upto a value of USD 235 million, in the threat of dissipation of assets. The Singapore High Court subsequently confirmed the award and the global freezing order.
Tribunal’s Final Award
On 14 July 2025, the final award was made by the arbitral tribunal to order the payment of USD 235 million to Qatar Holding immediately, and an interest rate of 4% from February 2024, compounding daily. The interest so accrued has already exceeded USD 14 million (approx. ₹123 crore) and hence increases the total obligation more than USD 249 million (approx. ₹2,183 crore).
Enforcement in India
Qatar Holding had filed an enforcement petition on 12th August 2025, before Karnataka High Court. The petition seeks enforcement of the award as a decree of court, and issuance of an injunction against transfer of assets by Raveendran or BIPL, along with attachment / sale of their immovable and movable assets in India.
Ramping up Legal Vigilance on Byju Raveendran
QIA’s Enforcement action is the newest in a series of increasing global judicial examination facing Raveendran. In the US, he has been held in contempt of court in bankruptcy hearings and directed to pay USD 10,000 (₹8.7 lakh) a day until he makes disclosures that are required. There have been claims of disappearance of USD 533 million in a USD 1.2 billion loan taken by a subsidiary of Think & Learn (i.e. BYJU’S). Public accounts also reference his belligerent comments, including assertions that the missing money was “somewhere the lenders will never find.”
In the meantime, his own company that he started, BYJU’s, continues its insolvency battle, with stakeholders blaming its crisis on senior-level mismanagement.
It follows that for Qatar Holding, the enforcement petition is a concerted effort to reclaim money that it is lawfully owed under contract. Armed with a worldwide freezing order and parallel proceedings being pursued in a series of jurisdictions, the sovereign wealth fund looks to be pursuing all avenues of redress open to it in order to hold Raveendran and his entities responsible.