News Summary

• Byju Raveendran, founder of Indian edtech giant Byju's, blasted a U.S. bankruptcy court’s order directing him to pay more than $1.07 billion.
• He is denying wrongdoing, accusing lenders of misleading the court, and vowing to appeal a ruling that marks a dramatic fall for a onetime poster boy of India's startup boom.
• The default judgment marks a stunning fall for the eponymous company, once India's most valuable startup with a $22 billion valuation.
• The company is now mired in lawsuits, funding droughts, mass layoffs, and a battle for control as lenders and creditors race to recover what they can.