NCLT approached by Yes Bank on IBC action against Zee Learn
The matter will be heard on June 8
NCLT approached by Yes Bank on IBC action against Zee Learn
The matter will be heard on June 8
Private lender Yes Bank Limited has approached the Mumbai bench of the National Company Law Tribunal against Zee Learn Limited, which provides education across India through its various ventures.
A bench comprising Judicial Member Justice PN Deshmukh and Technical Member KK Vohra issued a notice to Zee Learn on the application filed under the Insolvency and Bankruptcy Code (IBC).
Filed through Advocate Dharmesh Jain, the application pertained to an alleged default of Rs.468 crores by Zee Learn.
However, in the disclosure filed with the Securities and Exchange Board of India (SEBI) as per their regulations, Zee Learn claimed, "We are compiling the information to verify the facts claimed in the petition filed by Yes Bank."
(Zee Learn is known to be India's leading company in the education segment with the fastest growing chain of K-12 schools - Mount Litera Zee School and a pre-school chain – Kidzee, having 1,900 operational schools in over 750 cities across India and neighboring countries).