MT Educare Defaults on ₹32.33 Cr Bank Loans

MT Educare Limited has disclosed a default on the repayment of principal and interest for term loans, overdraft, and corporate guarantees amounting to ₹32.33 Crores. The defaults are with lenders including Prudence ARC and Axis Bank, with the current default amount for Prudence ARC being ₹16.44 Crores (principal) and ₹3.75 Crores (interest), and for Axis Bank being ₹7.65 Crores (principal) and ₹4.51 Crores (interest). The company is currently undergoing Corporate Insolvency Resolution Process (CIRP) since December 16, 2022. The filing also notes invoked corporate guarantees against the company for other entities, totaling ₹24.04 Crores.