Byju Raveendran, founder of Indian educational technology firm Byju's, plans to appeal over a contempt of court order issued in Singapore in a dispute related to the default of a loan received from the Qatar Investment Authority (QIA), his lawyer Michael McNutt said in a statement on Wednesday.
McNutt said the default on the loan was caused by the initiation of bankruptcy proceedings in India against Byju's.
The order issued by a Singapore court related to a $150 million loan from the QIA to a Singapore-based investment firm, where Raveendran was the guarantor, a source with direct knowledge of the matter told Reuters.
The QIA approached a Singapore court and Raveendran was asked to repay the loan in 2025, the source added.
In a statement on Wednesday, Raveendran said lenders had "agreed in principle" to a settlement.
"QIA is happy with the court ruling," a spokesperson for the firm said.
The Byju's founder was sentenced to six months in prison and ordered to pay costs of 90,000 Singapore dollars ($70,000), Bloomberg News reported on Tuesday, citing people familiar with the matter.
Byju's became popular during the COVID-19 pandemic by offering online education courses. Its valuation shot up to $22 billion in 2022.