Axis Bank Files for Insolvency Proceedings Against Zee Learn

27 Dec 2023 , 11:20 AM

In an official filing to the stock markets on December 26, Axis Bank stated that it has filed a plea seeking an insolvency procedure against Zee Learn with the National Company Law Tribunal (NCLT).

‘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,’ according to the regulatory filing.

According to Zee Learn, the Mumbai NCLT branch has sent it a notification in this regard. The company stated that it is gathering data to confirm the facts stated in the petition that Axis Bank submitted, and it will keep the exchanges informed of any updates about the matter’s ongoing developments.

The primary business area for Zee Learn, an Essel Group firm, is education. It features Mount Litera Zee School, a K–12 school chain, and Kidzee, a preschool network. Last month, the company went through a rebranding process.

The goal of the brand makeover was to prepare the next generation for the future. ”Our new mascot, which stands for relatability, represents our desire for our students to create an environment in which children are inspired to learn.” Zee Learn said in its statement.

The Zee Learn brand makeover marks a significant turning point in our educational path. In a statement released last month, Manish Rastogi, Whole-time Director and CEO of Zee Learn, stated, ‘We are committed to providing education that not only equips our students with knowledge but also empowers them to be confident, critical thinkers who contribute positively to society.’

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