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Yes Bank Initiates Insolvency Proceeding Against Zee Learn Ltd, An Essel Group Company: NCLT Mumbai

Pallavi Mishra
27 April 2022 3:23 PM GMT
Yes Bank Initiates Insolvency Proceeding Against Zee Learn Ltd, An Essel Group Company: NCLT Mumbai
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The National Company Law Tribunal ("NCLT"), Mumbai Bench, comprising of Justice P.N. Deshmukh (Judicial Member) and Shri K.K. Vohra (Technical Member), has issued notice to Zee Learn Limited in a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 ("IBC"), titled Yes Bank Ltd. v Zee Learn Ltd. The order was passed on 12.04.2022. Zee Learn Ltd. is an Essel...

The National Company Law Tribunal ("NCLT"), Mumbai Bench, comprising of Justice P.N. Deshmukh (Judicial Member) and Shri K.K. Vohra (Technical Member), has issued notice to Zee Learn Limited in a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 ("IBC"), titled Yes Bank Ltd. v Zee Learn Ltd. The order was passed on 12.04.2022.

Zee Learn Ltd. is an Essel group company which operates in the education segment. The company owns a chain of K-12 schools such as Mount Litera Zee School, pre-school network called 'Kidzee' and Mount Litera World Preschool. Yes Bank Limited ("Petitioner") had sanctioned financial facility to Zee Learn Ltd. ("Respondent") under which the current default as per the bank stands at Rs. 468 Crores.

The Petitioner had filed a petition under Section 7 of IBC before NCLT Mumbai, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against the Respondent for defaulting in repayments. In compliance of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, the Respondent has intimated the BSE Ltd. and the National Stock Exchange of India Ltd. that it has received a notice from NCLT Mumbai on 25.04.2022 in the said Petition. The next date of hearing is 08.06.2022.

Case title: Yes Bank Ltd. v Zee Learn Ltd., C.P.(IB) 301/MB/2022.

Counsel for Petitioner: Adv. Dharmesh Jain

Click Here To Read/Download Order

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