Legal31 Mar 2026, 12:07 pm
MT Educare Defaults on Principal and Interest Repayment to Prudence ARC and Axis Bank
AI Summary
MT Educare Limited has disclosed defaults in repayment of principal and interest amounts for loans from Prudence ARC and Axis Bank. The default started from 28th February 2021 and the current default amount is INR 24.09 crores. The loans are secured with a tenure of 2 years and an interest rate of 11.65% for Axis Bank and 13.75% for Prudence ARC. The company is under Corporate Insolvency Resolution Process since 16th December 2022.
Key Highlights
- MT Educare has defaulted in repayment of principal and interest to Prudence ARC and Axis Bank
- The default started from 28th February 2021
- The current default amount is INR 24.09 crores
- The loans are secured with a tenure of 2 years and an interest rate of 11.65% for Axis Bank and 13.75% for Prudence ARC
- The company is under Corporate Insolvency Resolution Process since 16th December 2022