Education company Zee Learn Ltd on Tuesday (December 26) said private lender Axis Bank Ltd has filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016.
The petition aims to initiate the corporate insolvency resolution process (CIRP) for Zee Learn before the National Company Law Tribunal (NCLT) in Mumbai. The company is now compiling information to assess the veracity of the claims made in the petition filed by Axis Bank Ltd.
Zee Learn assured stakeholders that it will keep the stock exchange informed of any further developments in this matter.
“…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 Inso…