YES Bank approaches NCLT to admit Zee Learn under the insolvency resolution process

Private sector lender Yes Bank has approached the dedicated bankruptcy court under the Corporate Insolvency Resolution Process (CIRP) against BSE-listed Essel Group company Zee Learn Ltd for a default of around Rs 468 crore.

The Mumbai bench of the National Company Law Tribunal (NCLT), headed by Justices PN Deshmukh and KK Vohra, has directed the lender to inform Zee Learn about the notice and adjourned the matter till June 8, 2022.

“Yes Bank has reportedly claimed that the total amount in default in respect of the financial facility is Rs. 468 crores. However, the company is compiling the information to verify the facts claimed in the said petition filed by Yes Bank Ltd,” the company said in its exchange filing dated April 25.

According to the company’s website, Zee Learn Limited runs the Asia’s largest pre-school, Kidzee, with over 1900 operational pre-schools in over 750 cities in India and neighboring countries. The company also runs more than 120 Mount Litera Zee Schools in around 110 cities across the country.

Ashish Pyasi, associate partner of law firm Dheer & Dhir Associates said, “As of now, notice has been issued to Zee Learn Ltd to come forward and defend the petition filed by the lender.” “Under the law, the bench has to give notice of hearing before proceeding. Zee will get an opportunity to defend the petition and will be allowed to file its defense on the petition.”

Yes Bank has approached the tribunal through advocate Dharmesh Jain and has sought to admit the company under Section 7 of the Insolvency and Bankruptcy Code (IBC).

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