Disclosure of Default in Repayment of Principal and Interest
MT Educare Limited defaults on loan repayments to Prudence ARC (₹20.19 crore) and Axis Bank (₹12.16 crore), disclosing a total outstanding of ₹32.33 crore. The company is under CIRP since December 16, 2022.
The defaults and ongoing CIRP indicate significant financial challenges for the company.
The announcement discloses defaults in repayment of principal and interest, indicating financial distress.
* MT Educare Limited has defaulted in repayment of principal and interest amount. * The default pertains to loans from banks and financial institutions, including ECBs. * Lenders involved are Prudence ARC and Axis Bank. * The date of default is October 31, 2025 (since March 2021 onwards). * Current default amount: * Prudence ARC: Principal ₹16.44 crore, Interest ₹3.75 crore. * Axis Bank Limited: Principal ₹7.65 crore, Interest ₹4.51 crore. * Total amount of outstanding borrowings from banks/financial institutions: ₹32.33 crore. * Corporate Insolvency Resolution Process (CIRP) has been initiated against the company since December 16, 2022. * Claim from Shamrao Vithal Co-op Bank Ltd (SVC) of ₹49.72 crore on account of corporate guarantee was rejected; appeal pending before NCLAT.
What to do with a filing like this
MT Educare Limited filed this with the NSE as a statutory disclosure, categorised under fraud/defaults disclosure. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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See the model portfoliosA plain-language summary of a public exchange filing by MT Educare Limited. Read the original for the full detail.