Active Stocks
Wed Jun 19 2024 15:03:57
  1. HDFC Bank share price
  2. 1,657.25 3.01%
  1. Tata Steel share price
  2. 180.00 -0.63%
  1. State Bank Of India share price
  2. 850.55 0.70%
  1. ICICI Bank share price
  2. 1,145.65 2.01%
  1. ITC share price
  2. 424.30 -1.05%
Business News/ Markets / Stock Markets/  Axis Bank files insolvency petition against Zee Learn before NCLT
BackBack

Axis Bank files insolvency petition against Zee Learn before NCLT

Zee Learn said that 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.

Axis Bank has filesd insolvency petition against Zee Learn (REUTERS)Premium
Axis Bank has filesd insolvency petition against Zee Learn (REUTERS)

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.

3.6 Crore Indians visited in a single day choosing us as India's undisputed platform for General Election Results. Explore the latest updates here!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 26 Dec 2023, 09:51 PM IST
Next Story footLogo
Recommended For You
GENIE RECOMMENDS

Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!

Let’s get started