Axis Bank has taken a significant step by filing a plea with the National Company Law Tribunal (NCLT) to commence insolvency proceedings against Zee Learn, as revealed by the education services provider in a regulatory filing to stock exchanges on December 26.
In the filing, Zee Learn disclosed, “A petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 has been filed by Axis Bank Limited to initiate Corporate Insolvency Resolution Process (CIRP) of the Company, before the Hon’ble National Company Law Tribunal, Mumbai.”
Zee Learn acknowledged the receipt of a notice from the Mumbai-bench of NCLT and is currently in the process of gathering information to verify the facts presented in Axis Bank’s petition. The company committed to keeping the stock exchanges updated on further developments in this matter.
As part of the Essel Group, Zee Learn operates predominantly in the education sector, managing a chain of K-12 schools under the brand Mount Litera Zee School and a pre-school network known as Kidzee. The company underwent a rebranding exercise recently, with a focus on fostering the next generation and preparing them for the future.
Manish Rastogi, Whole-time Director CEO of Zee Learn, emphasized the significance of the brand transformation, stating, “The revamp of Zee Learn brand is a pivotal moment in our educational journey. We are dedicated to delivering education that not only equips our students with knowledge but also empowers them to be confident, critical thinkers who contribute positively to society.”
On the stock market, Zee Learn’s shares closed 4.84% higher at ₹6.28 apiece, while Axis Bank’s shares settled 0.59% higher at ₹1,094.25 apiece on Tuesday.
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