BYJU’S insolvency: Kerala Police register FIR against GLAS Trust over alleged document forgery

Kerala Police on 3 November 2026, registered a criminal case against GLAS Trust Company LLC and other unnamed parties, following allegations of forgery and cheating. The case is linked to the ongoing insolvency proceedings of Think & Learn Private Limited, the parent company of ed-tech firm BYJU’s.

The First Information Report (FIR) was registered in Kerala after a complaint filed by Rajendran Vellappalath, managing director of Voizzit Technology Private Limited. The complaint centers on a disputed lender authorisation letter, dated July 25, 2024, which is alleged to have been fabricated and used to establish GLAS Trust’s authority to represent lenders in the insolvency process.

Allegations of Document Fabrication and Reuse of Signatures

The core of the complaint alleges that the authorisation letter, critical to GLAS Trust’s role as ‘Administrative Agent’ and ‘Collateral Agent’ for lenders under a November 24, 2021, credit agreement, was not authentic. A petitioners’ bench note filed before the Kerala High Court states that the disputed document allegedly reused signatures from an earlier authorisation letter dated January 18, 2024. Also, the petitioners allege that lender details, dates, and amounts were changed in the later document.

Specific allegations include the insertion of certain amounts as electronic document comments rather than appearing on signed pages, and the copying of signature images across multiple pages. The authenticity of this authorisation letter is significant as it purportedly formed the basis for recognising GLAS Trust’s authority to represent lenders in the insolvency proceedings, which involves a substantial ₹11,432 crore lender claim.

Impact on Lender Representation and Forensic Examination

Petitioners contend that GLAS Trust required authorisation from lenders representing more than 50% of the relevant loan exposure to act on their behalf. They allege that excluding the disputed signature pages would reduce the claimed lender support from approximately 95% to 42%. This reduction, if proven, could significantly alter GLAS Trust’s standing in the insolvency process.

The complaint seeks the preservation and production of the original electronic document and related email communications from GLAS Trust, insolvency professionals, and Microsoft. It also requests an examination of this electronic material by the Cyber Forensic Division of the State Forensic Science Laboratory in Thiruvananthapuram. This examination is intended to establish how the document was created and modified, and to determine whether disputed signatures, dates, and amounts were altered or reused. The registration of the FIR initiates a criminal investigation into these allegations, which remain unestablished through forensic findings or judicial determination at this stage.

Broader Context of BYJU’s Insolvency Proceedings

The allegations of forgery emerge amidst a complex and multi-faceted insolvency process for Think & Learn Private Limited. The Kerala High Court had previously, on May 21, 2025, restrained any transfer of BYJU’s key overseas subsidiaries such as Epic! Creations Inc. and Tangible Play Inc. (Osmo). Petitioners allege that parallel bankruptcy actions and asset enforcement measures were initiated in the United States using the same Term Loan B (TLB) debt GLAS is relying on in India, potentially violating the court’s order.

A counter affidavit filed on behalf of BYJU’s co-founder Riju Ravindran alleges a ‘fraudulent double-recovery architecture,’ where foreign subsidiaries were omitted from the Resolution Professional’s Form G, creating a diminished picture of BYJU’s assets, while GLAS pursued enforcement actions in the US against these subsidiaries and maintained its full admitted claim in India. The affidavit also raises conflict-of-interest concerns involving EY and the conduct of the insolvency process. The Supreme Court denied relief to Byju’s on insolvency proceedings based on an appeal filed by Glas Trust on October 23, 2024. The Kerala High Court had ordered the Resolution Professional of Think & Learn Pvt. Ltd., the authorised representative of GLAS Trust Company LLC, and the India Chairman of Ernst & Young LLP to personally appear before the Court on December 5, 2025.

Written by Nishit Kumar

Nishit Kumar is a senior EdTech industry leader with over a decade of experience in building and scaling education platforms, shaping their product, content, and growth strategy. At FindMyCollege, Nishit oversees content and editorial strategy, guiding topic selection and content frameworks to ensure accuracy, relevance, and student-first value across the website.

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