UPDATE 4: Third Circuit Dismisses Appeal of Byju’s Alpha Contempt Order

Tue Jul 07, 2026 12:41 PM ET: The U.S. Court of Appeals for the Third Circuit issued its June 12 judgment in lieu of a mandate yesterday, July 6, dismissing Camshaft Capital Fund and its founder William Cameron Morton’s appeal of contempt orders entered in the Byju’s Alpha chapter 11 case.

UPDATE 3: Camshaft Defendants Appeal Byju’s Alpha Contempt Orders to Third Circuit

Fri Apr 25, 2025 04:19 PM ET: Camshaft Capital Fund and its founder William Cameron Morton filed a notice today appealing the order of U.S. District Court Judge Maryelle Noreika dismissing their appeal of the bankruptcy court’s contempt order; affirming the contempt order with respect to William C. Morton; and finding that appellants waived their appeal, as further described below. The appeals will proceed in the United States Court of Appeals for the Third Circuit.

UPDATE 2: District Court Dismisses Camshaft Defendants’ Appeals of Contempt Orders

Fri Mar 28, 2025 04:38 PM ET: U.S. District Judge Maryellen Noreika entered an opinion and order today dismissing Camshaft Capital Fund and its founder William Cameron Morton’s appeals of the bankruptcy court’s contempt order entered against him and his hedge fund for flaunting a March 1 discovery order entered in the Byju’s Alpha chapter 11 case.

The order notes the appellants waived their appeal of the bankruptcy court’s preliminary injunction order freezing the debtor’s approximately $533 million of missing loan proceeds.

Camshaft Capital is separately appealing bankruptcy court opinions in the debtor’s fraudulent transfer litigation denying Camshaft’s motion to dismiss and granting partial summary judgment in favor of the debtor and loan agent Glas Trust. The judgment found Camshaft liable for actual fraudulent transfer in the amount of $533 million, as well as liability against the debtor’s former manager and Indian parent company, Think and Learn Private Ltd.

UPDATE 1: District Court Dismisses Ravindran’s Appeals of Contempt, Preliminary Injunction Orders

Thu Dec 05, 2024 06:17 PM ET: U.S. District Judge Maryellen Noreika entered an order today dismissing with prejudice, Riju Ravindran’s, Byju Alpha’s former manager, appeals of the bankruptcy court’s preliminary injunction order freezing the debtor’s approximately $533 of missing loan proceeds and an order finding him in contempt of the injunction, which directed him to take efforts to recover the loan proceeds.

Judge Noreika dismissed Ravindran’s appeals after he failed to oppose Byju’s Alpha and GLAS Trust Co.’s motion to dismiss his appeal for failure to timely file an opening brief despite receiving a seven month extension. Judge Noreika granted Kasowitz Benson Torres and Chipman Brown Cicero & Cole joint motion to withdraw as appellate counsel to Ravindran and Byju’s Alpha’s former Indian parent company Think and Learn Private Ltd. in August.

The order notes that Camshaft Capital and its founder William Cameorn Morton’s appeal of the preliminary injunction order and a separate contempt order is unaffected by dismissal of Ravindran’s appeal.

Original Story 1:05 p.m. UTC on July 18, 2024

District Court Denies Stay Pending Appeal of Camshaft Contempt, Preliminary Injunction Orders

Judge Maryellen Noreika of the U.S. District Court for the District of Delaware today denied Camshaft Capital and its founder William Morton’s renewed attempt to obtain a stay pending appeal of contempt and preliminary injunction orders entered against them by the Byju’s Alpha bankruptcy court. After Judge Brendan L. Shannon denied a stay pending appeal in the Byju’s Alpha bankruptcy case, the movants asked Judge Noreika for the same relief at the district court.

In an opinion explaining the rationale for the denial, the district court concludes “movants have failed to carry their burden on the two most critical factors—likelihood of success on the merits and irreparable harm – with respect to both Orders.”

The orders in question are a contempt order, which held movants in contempt for failing to comply with discovery orders, and a preliminary injunction order that froze certain funds transferred from Byju’s Alpha to Camshaft.

Regarding the contempt order, the court finds that movants are unlikely to succeed on their due process challenges. The bankruptcy court provided movants with various opportunities to be heard and was within its discretion to require in-person testimony, according to Judge Noreika.
As for the preliminary injunction order, the opinion rejects various challenges by the Camshaft parties to Judge Shannon’s finding that the debtor was likely to succeed on its fraudulent transfer claims against Camshaft.

As to irreparable harm, Judge Noreika agrees with the bankruptcy court that “Mr. Morton is not likely to suffer irreparable harm by continued imposition of the Contempt Order because ‘[c]ompliance with the [discovery] order would purge the contempt,’ and ‘monetary sanction[s] associated with the appeal would be obviously subject to reversal’ if Movants prevail on appeal.” Further, as to the preliminary injunction, “if, as Camshaft insists, it does not possess the Alpha Funds, Camshaft cannot possibly violate the injunction, let alone suffer irreparable harm from it,” the opinion reads.