MT Educare Defaults on ₹32.33 Cr Bank Loans; CIRP Ongoing

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 have been ongoing since March 2021. The company is currently undergoing Corporate Insolvency Resolution Process (CIRP) since December 16, 2022. Additionally, corporate guarantees invoked against the company for loans to Sri Gayatri Education Society and Lakshya Forum for Competitions Private Limited total ₹24.00 crore. The disclosure also mentions a pending appeal by Shamrao Vithal Co-op Bank Ltd regarding a rejected claim of ₹49.72 crore.