Lido Learning files for bankruptcy

In a special meeting, the board of Lido Learning adopted a decision and submitted an application under Section 10 of the Insolvency and Bankruptcy Code

September 09, 2022 11:37 IST | India Infoline News Service
The edtech company Lido Learning, which had previously considered the possibility of merging, has started bankruptcy proceedings as it struggles to pay its former employees and teachers due to financial difficulties.
At the company's extraordinary general meeting, the board decided to apply Section 10 of the Insolvency and Bankruptcy Code, as per the documents submitted to the Ministry of Corporate Affairs (MCA).
Following Section 10 of the Insolvency & Bankruptcy Code, 2016, it is resolved that the shareholders' consent be and is hereby accorded for the filing of an application or petition (the "initiation of corporate insolvency resolution process by the corporate applicant") before the National Company Law Tribunal, Mumbai Bench, to resolve the company's debts.
Lido Learning, which was founded in 2019, provides live online tuition sessions in math, science, English, and coding to kids in kindergarten (KG) through Grade 9.

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