Qatar Holding moves Karnataka HC to enforce SIAC award against Byju Raveendran, Byju Investments
The petition seeks: An injunction to prevent asset transfer or encumbrance; attachment and sale of movable and immovable properties; appointment of a receiver to take control of assets, revenues, and receivables; Full disclosure of all assets under oath.
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Qatar Holding has approached the Karnataka High Court to enforce a Singapore International Arbitration Centre (SIAC) award against Byju Raveendran and Byju Investments, following alleged defaults on a $150 million loan extended in 2022. The funds were used to acquire shares in Aakash Educational Services.
The petition seeks: An injunction to prevent asset transfer or encumbrance; Attachment and sale of movable and immovable properties; Appointment of a receiver to take control of assets, revenues, and receivables; Full disclosure of all assets under oath, as per a Bar and Bench report.
The original deal included a personal guarantee from Byju Raveendran and a pledge of shares, with a repayment obligation of $300 million by March 2025. Qatar Holding terminated the transaction in February 2024 and demanded early repayment of $235 million due to defaults.
In April 2025, the Karnataka HC dismissed Qatar Holding’s earlier Section 9 plea, stating that interim relief must be sought under Section 17 from the tribunal once constituted, but extended interim safeguards for three months, further added the report.
