Yes Bank has initiated insolvency proceedings against Zee Learn alleging a default on a financial facility worth Rs. 468 crores, Zee Learn said in an exchange filing on April 25.
“The company is compiling information to verify the facts claimed in the said petition filed by Yes Bank Limited,” the filing showed.
Yes Bank has filed for bankruptcy under Section 7 of the Insolvency and Bankruptcy Code, 2016 in the Mumbai bench of the National Company Law Tribunal, according to the filing.
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Zee Learn has received a notice from the Mumbai bench of the NCLT over Yes Bank’s petition and is in the process of compiling information to verify the facts, the filing said on 25/04/2022.
“A petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 has been filed by Yes Bank Limited to initiate Corporate Insolvency Resolution Process (CIRP) of the Company, before the NCLT, Mumbai,” it added. The company has received a notice over the petition on April 25.
Zee Learn shall keep the exchange updated on the further developments in the matter, it said.
Zee Learn is part of the Essel Group that operates in the education segment across India. In the December quarter, the company reported a net loss of Rs 4.91 crore.
