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

MT Educare Limited has disclosed defaults on principal and interest payments for term loans and overdraft facilities totaling ₹32.33 crore from lenders including Prudence ARC and Axis Bank. The defaults occurred from March 2021 onwards, with the current default amount detailed for each lender. 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 amount to ₹7.3 crore and ₹16.69 crore, respectively. The disclosure also notes a pending appeal by Shamrao Vithal Co-op Bank Ltd regarding a rejected claim.