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Axis Bank files insolvency proceedings against Zee Learn

Axis Bank has recently filed an insolvency petition against Zee Learn, a prominent education services provider.

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Axis Bank files insolvency proceedings against Zee Learn
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26 Dec 2023 10:07 PM IST

Axis Bank has recently filed an insolvency petition against Zee Learn, a prominent education services provider. Zee Learn has confirmed the development, stating that Axis Bank submitted a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking the initiation of the Corporate Insolvency Resolution Process (CIRP) for the company. The petition has been filed with the National Company Law Tribunal (NCLT) in Mumbai.

In response to the filing, Zee Learn has received a notice from the Mumbai-bench of the NCLT and is currently in the process of gathering information to verify the facts presented in Axis Bank's petition. The company has assured that it will keep the stock exchanges updated on any further developments related to this matter.

Zee Learn's shares experienced a positive trend, closing at Rs 6.28, marking an increase of about 5 percent. As the situation unfolds, stakeholders and the market will be keenly observing the proceedings between Axis Bank and Zee Learn.

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