Default31 Aug 2026, 04:51 pm
MT Educare Defaults on ₹32.33 Cr Bank Loans
AI Summary
MT Educare Limited has disclosed a default on repayment of principal and interest for term loans and overdraft facilities amounting to ₹32.33 crore from lenders including Prudence ARC and Axis Bank. The defaults occurred from March 2021 onwards, with the latest default date being July 31st, 2026. The company is currently undergoing Corporate Insolvency Resolution Process (CIRP) since December 16th, 2022. Additionally, corporate guarantees invoked against the company for loans to its subsidiaries amount to ₹24.04 crore.
Key Highlights
- MT Educare defaults on ₹32.33 Cr in principal and interest payments.
- Defaults are related to term loans and overdrafts from Prudence ARC and Axis Bank.
- Company is under Corporate Insolvency Resolution Process since December 2022.
- Corporate guarantees invoked against the company total ₹24.04 Cr.
Price Impact
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