US Court drops $1bn damages against Byju Raveendran

BENGALURU: The Delaware Bankruptcy Court in US reversed its earlier $1 billion default damages judgment against Byju Raveendran and ordered a fresh phase of proceedings to determine whether any damages are owed, according to an amended order issued after Raveendran filed a motion seeking correction. The court held that damages were not determined on the evidentiary record and scheduled a new process for Jan next year to assess any award.