The Karnataka High Court has restrained Byju Raveendran and his entities from alienating assets after Qatar Holding sought enforcement of a $235M arbitral award. The Court passed an interim injunction until the next hearing.
Bengaluru: The Karnataka High Court on Monday passed an important order against Byju Raveendran and his investment companies after Qatar Holding LLC filed a petition to enforce an arbitral award of 235 million US dollars.
The Court has granted an interim injunction stopping Byju Raveendran and his entities from selling, transferring, or creating any burden on their assets until further directions are given.
Justice R Natraj was hearing the plea filed by Qatar Holding under the Arbitration and Conciliation Act, 1996. The plea sought enforcement of a partial final award passed by a tribunal of the Singapore International Arbitration Centre (SIAC).
While hearing the matter, the Court directed that the respondents, which include Byju Raveendran and his entities, should not part with their immovable properties.
The Court observed:
“The counsel for the respondent seeks time to file response. It is appropriate that the respondent are put on terms. The respondents are restrained by an order of interim injunction from alienating, encumbering immovable assets or in any manner parting with immovable properties till the next date of the hearing.”
The dispute arises from a financial transaction between Qatar Holding and Byju’s group. In September 2022, Qatar Holding advanced 150 million US dollars to Byju’s Investments under a cash-settled option deal.
The money was used to buy shares in Aakash Educational Services Limited (Aakash Institute), which was one of Byju’s biggest acquisitions valued at around 1 billion US dollars.
This transaction was secured by way of a share pledge agreement and also a personal guarantee from Byju Raveendran himself.
As per the agreement, Byju’s was required to repay 300 million US dollars by March 31, 2025. However, in February 2024, Qatar Holding terminated the deal citing defaults and demanded early repayment of 235 million US dollars.
Following this, arbitration proceedings began under the SIAC Rules. On March 28, 2024, an emergency arbitrator restrained Byju’s from disposing of assets. That interim award was later enforced by the Singapore High Court.
In April 2025, the Karnataka High Court had earlier dismissed petitions filed by Qatar Holding under Section 9 of the Arbitration and Conciliation Act, 1996 for interim protection.
Justice Ashok S Kinagi, while deciding those petitions, held that once an arbitral tribunal is constituted, parties must seek interim measures under Section 17 before the tribunal itself and not from Indian courts.
However, to safeguard the interests of Qatar Holding, the Court had extended the interim protection for a period of three months.
Now, with the SIAC tribunal having given a partial final award, Qatar Holding has once again approached the Karnataka High Court.
In its petition, Qatar Holding sought multiple directions including an injunction to restrain Byju Raveendran and his entities from transferring assets, attachment and sale of movable and immovable properties to satisfy the award, appointment of a receiver to take possession of assets, receivables and revenues, and disclosure under oath of all assets and their location.
After hearing the matter, Justice R Natraj passed an order granting an interim injunction to prevent alienation of assets. The petition will come up again for further hearing on the enforcement of the award.
Case Title:
Qatar Holdings Vs Byju Raveendran
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