A US bankruptcy court has reversed a $1 billion damages ruling against Byju Raveendran, according to a statement from the founders of Think and Learn Pvt Ltd - the parent firm of ed-tech platform Byju's.

The Delaware Court had in a default ruling last month ordered Raveendran to pay more than $1 billion, saying the former corporate star who set up the eponymous Indian edtech and tutoring company, had refused to cooperate with legal efforts to locate almost half the proceeds from a $1.2 billion US term loan made in 2021.

He, however, contested the grounds saying the court did not give him the 30 days he had sought to arrange for a US attorney to argue his case. He vowed to appeal against the order.

"The Delaware Court has reversed the $1 billion Judgement against Byju Raveendran, in vi

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