Karnataka HC issues interim asset freeze in BYJU’S-QIA dispute

The Karnataka High Court has temporarily halted parts of Byju Raveendran’s business empire, issuing an interim restraining order that prevents BYJU’S and its founder from disposing of properties listed in a petition filed by the Qatar Investment Authority (QIA). 

The order, imposed while the court hears QIA’s bid to convert a July arbitration award from Singapore into an enforceable Indian decree, freezes any transfer of assets specified in the petition’s schedules until the next hearing.

This development follows QIA, acting through its arm Qatar Holding, launching enforcement proceedings in Bengaluru last month, just a week after the Singapore International Arbitration Centre (SIAC) ordered Raveendran and his investment vehicle to pay $235 million.

With daily-compounded interest at 4% running from February 2024, the liability has already swelled beyond $249 million. The petition filed on August 12 seeks to have the award recognised in India, bar asset disposals, and enable attachment or sale of property to meet the debt.

The dispute dates back to September 2022, when Qatar Holding lent $150 million to Byju’s Investments (BIPL), a loan personally guaranteed by Raveendran, to acquire nearly 17.9 million shares in test prep firm Aakash Educational Services. 

The financing agreement expressly forbade transferring those shares, yet Qatar alleges they were later shifted to another Singapore entity controlled by Raveendran, in breach of the deal. 

When repayments faltered, Qatar called in the full amount. An emergency arbitrator in March 2024 ordered a worldwide freeze on BIPL and Raveendran’s assets, a freeze upheld by Singapore’s High Court and followed by the final SIAC award on July 14, 2025 demanding immediate payment plus interest.

This is not the first time the sovereign fund has sought relief in India. In April 2025, the Karnataka High Court refused broad, sweeping restraints on asset transfers while briefly freezing dealings in the Aakash shares. With the SIAC award now final, Qatar Holding has returned to Bengaluru to press for enforcement. 

The litigation compounds other troubles for the edtech founder and his companies. A Delaware bankruptcy court found Raveendran in civil contempt for failing to disclose finances in a BYJU’S subsidiary matter, exposing him to a $10,000-a-day fine.

Meanwhile, Think & Learn Pvt Ltd, BYJU’S parent company, is mired in insolvency proceedings at home, facing creditor scrutiny over unpaid obligations including a Rs 158 crore sponsorship debt to the BCCI and legal fights over control that have reached the Supreme Court and company law tribunals.