File.
| Photo Credit: Reuters
Private sector lender Axis Bank has filed a petition against Zee Learn earlier than the National Company Law Tribunal (NCLT) in search of insolvency proceedings against the the schooling providers supplier agency.
The firm has obtained a discover from the Mumbai bench of the NCLT on this regard, Zee Learn stated in a regulatory submitting on Tuesday.
“A petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 has been filed by Axis Bank Ltd to initiate Corporate Insolvency Resolution Process (CIRP) of the Company before the National Company Law Tribunal, Mumbai,” it stated.
The firm is compiling info to confirm the information claimed in stated petition filed by Axis Bank, Zee Learn added.
Zee Learn has not talked about the quantity claimed by Axis Bank. It stated: “The Company shall keep the exchange updated of the further developments in the matter.” Section 7 of IBC permits a monetary creditor to transfer a plea for initiation of a Corporate Insolvency Resolution Process in case of a default.
NCLT had earlier ordered insolvency proceedings against Zee Learn in February this yr, when one other monetary creditor Yes Bank Ltd (YBL) filed an analogous petition.
Zee Learn instantly challenged that order within the National Company Law Appellate Tribunal (NCLAT) and the appellate tribunal had put aside the sooner order of the NCLT’s Mumbai bench.
