Default29 Apr 2026, 03:09 pm
MT Educare defaults on ₹32.33 Cr loans; under CIRP
AI Summary
MT Educare Ltd has disclosed defaults on principal and interest payments for loans from Prudence ARC and Axis Bank, with total outstanding borrowings from banks/financial institutions amounting to ₹32.33 crore. The defaults, which began in March 2021, involve term loans, overdrafts, and invoked corporate guarantees. The company has been under Corporate Insolvency Resolution Process (CIRP) since December 16, 2022, following an NCLT order. Claims from secured financial creditors are currently being verified, and a significant claim from Shamrao Vithal Co-op Bank Ltd for a corporate guarantee was rejected by the NCLT, with an appeal pending in NCLAT.
Key Highlights
- MT Educare defaulted on principal and interest payments to lenders.
- Total outstanding borrowings from banks/FIs amount to ₹32.33 crore.
- The company is under Corporate Insolvency Resolution Process since December 2022.
- Invoked corporate guarantees against the company total ₹23.99 crore.
- SVC Bank's ₹49.72 Cr claim was rejected by NCLT, appeal pending.