A bankruptcy court has admitted the listed MT Educare, formerly known as Mahesh Tutorials, into the corporate insolvency resolution process (CIRP) and appointed Ashwin Bhavanji Shah as the interim resolution professional for the Mumbai-based coaching firm.
The Mumbai bench of the National Company Law Tribunal (NCLT) allowed the companys operational creditor Connect Residuary to initiate the insolvency proceedings. The operational creditor had approached the bankruptcy court in November last year after the company defaulted on its dues of about Rs 5.37 crore.
This bench after hearing the submissions of both sides and upon perusing the material available on record is thoroughly convinced that the operational creditor (Connect Residuary) has …
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