Fresh court filings in the United States and India have introduced new evidence in the ongoing legal dispute over the movement of $533 million linked to embattled edtech firm Byju’s.

According to documents submitted by founder Byju Raveendran’s legal team, bank records show that approximately $460 million of the disputed amount was transferred back to Think & Learn Pvt. Ltd., the parent company of Byju’s. The filings further state that the remaining funds were used to meet tax liabilities, transaction fees and other related expenses.

The documents represent the founder’s defence in the case and have not yet been tested or accepted by the courts. Lenders involved in the dispute continue to contest these claims, and no court has issued a final ruling on whether the disputed funds were misappropriated or whether the transactions were lawful.

The legal battle centres on allegations by a group of lenders that funds associated with a $1.2 billion term loan were improperly transferred. Raveendran has consistently denied wrongdoing, maintaining that the money was neither concealed nor diverted for personal benefit.

Earlier in the proceedings, a US court entered a default judgment against Raveendran after finding that he had failed to comply with discovery obligations, including the production of documents. The order was procedural in nature and did not determine the merits of the lenders’ allegations regarding the $533 million. Issues relating to damages and other substantive matters remain pending before the court.

The dispute has unfolded amid a dramatic decline in Byju’s fortunes. Once valued at around $22 billion, the company has faced insolvency proceedings, widespread layoffs and a significant contraction of its business operations.

Meanwhile, negotiations aimed at resolving the dispute are continuing. Discussions include a proposed transaction involving Aakash Educational Services, one of Byju’s most valuable remaining assets. Any settlement or restructuring plan is expected to require approval from courts in India, the United States and Singapore.

The latest filings provide a fresh account of the disputed transactions and challenge the allegation that the $533 million was hidden or unaccounted for. However, the legal dispute remains unresolved, and the competing claims will ultimately be determined by the courts after considering the evidence presented by all parties.