Axis Bank files insolvency petition against Zee Learn before NCLT
Axis Bank has approached the National Company Law Tribunal (NCLT) with a plea seeking insolvency proceeding against Zee Learn, said the education services provider in a regulatory filing to the stock exchanges on December 26.
“This is to inform you that 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,” stated the regulatory filing.
Also Read: Zee Learn reaches deal with JC Flowers ARC
Zee Learn said that, in this context, it has received a notice from the Mumbai-bench of the NCLT. The company said it is compiling information to verify the facts claimed in said petition filed by Axis Bank, adding that it will keep the exchanges updated of the further developments in the matter.
Zee Learn, an Essel Group company, mainly operates in the education segment. It has a chain of K-12 schools, Mount Litera Zee School, and a pre-school network Kidzee. The company underwent a rebranding exercise last month.
The brand transformation was aimed at nurturing the next generation and making them future-ready. ‘’We want our students to usher in an environment where the child is stimulated to learn and hence our new mascot signifies relatability, engagement, fun and interactivity,” said Zee Learn in its statement.
“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,” said Manish Rastogi, Whole-time Director CEO, Zee Learn in the statement last month.
On Tuesday, shares of Zee Learn settled 4.84 per cent higher at ₹6.28 apiece on the BSE. Shares of Axis Bank settled 0.59 per cent higher at ₹1,094.25 apiece on the BSE.
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Published: 26 Dec 2023, 09:51 PM IST
