Byju's Lodges FIR Against Resolution Professional, EY Partner

In a social media post, Byju Raveendran, the founder of the edtech business Byju's, said that the company has filed a formal complaint against those participating in a criminal conspiracy against it. Resolution experts Pankaj Srivastava and Dinkar Venkatasubramanian of Ernst & Young LLP, Rahul Agarwal, executive director at Ernst & Young, Lokesh Gupta, partner at EY, and GLAS Trust, the administrative and collateral agent for a consortium of lenders, are all the targets of the FIR. In order to assist Byju's goals for international expansion, GLAS Trust Company LLC, serving as the administrative and collateral agent for a consortium of lenders, gave Byju's Alpha Inc., a US-based subsidiary, a $1.2 billion term loan in November 2021.

Allegations Made by GLAS Trust Against Byju’s

According to GLAS Trust, Byju's Alpha Inc. allegedly transferred over $533 million to a US-based hedge fund through a series of wire transfers that took place in April and July 2022 at the corporate debtor's request. GLAS Trust filed for bankruptcy against Byju's in India under Section 7 of the Insolvency and Bankruptcy Code after the edtech company violated some loan covenants. GLAS Trust and Aditya Birla Finance Ltd were included as major financial creditors on the Committee of Creditors (CoC) that was first established by the National Company Law Tribunal (NCLT). But later on, the resolution professional (RP) eliminated both entities and reorganised the CoC. After this decision was contested, the NCLT reinstated them in January 2025, citing the RP's wrongdoing and imposing disciplinary actions against him.

Raveendran’s Thumping Reply to GLAS

"FIR filed against those involved in a criminal conspiracy against BYJU'S: Pankaj, the RP who illegally handed over the insolvency process to Dinkar, Rahul & Lokesh from EY, who are the agents of GLAS, a collective of crooks," Raveendran said, sharing a snapshot of the FIR filed in the X post. Raveendran posted a thumping response on social media, writing, "I am not a flower; I am the fire that will shatter GLAS." "You have to suspend the offenders immediately if it's the former. I will give a plethora of evidence. You have important questions to address. He shared a picture of himself from a previous event where he had won the award, writing, "It's the least you can do to help the EY Entrepreneur of the Year 2018 & 2020." An EY whistleblower stated on LinkedIn on February 27, 2025, that the company had backed Glas Trust and worked against Byju's interests. Using the post as proof, Raveendran claimed that EY collaborated with Glas Trust and Srivastava to sway Byju's bankruptcy proceedings. The firm made choices that favoured the lenders over the company's reorganisation and had access to a document that suggested criminal wrongdoing that was distributed to specific staff members.

Byju’s Settlement with BCCI

A separate INR 158 crore debt was sought to be settled by Byju's founders with the Board of Control for Cricket in India (BCCI). The purchase was contested by GLAS Trust, which claimed that the money utilised belonged to the lenders it represented. The Supreme Court of India declared in October 2024 that the settlement was invalid. The Apex court made this decision because the settlement did not follow the correct legal process, and it ordered that the money be placed with the CoC overseeing Byju's bankruptcy.