MT Educare discloses default on repayment of principal and interest
The default on loan repayments and ongoing CIRP indicate a significant negative impact on the company's financial health and operations.
The announcement discloses defaults in repayment of principal and interest, indicating financial distress.
* MT Educare Limited has defaulted on repayment of principal and interest to lenders, including Prudence ARC and Axis Bank, as of 31 July 2025 (Since March 2021 Onwards). * The default amounts are: Prudence ARC - Principal ₹16.44 crore, Interest ₹3.75 crore; Axis Bank Limited - Principal ₹7.65 crore, Interest ₹4.51 crore. * The total outstanding borrowings from banks/financial institutions amount to ₹32.33 crore. * Additionally, there are invoked Corporate Guarantees against the Company: Axis Bank Ltd for Sri Gayatri Education Society (₹7.3 crore) and Prudence ARC for Lakshya Forum for Competitions Private Limited (₹16.69 crore). * The company is under Corporate Insolvency Resolution Process (CIRP) since 16 December 2022, as per the NCLT order dated 16 December 2022. * Shamrao Vithal Co-op Bank Ltd (SVC) has submitted a claim of ₹49.72 crore on account of corporate guarantee issued by corporate debtor for its subsidiary Labh Ventures India Pvt Ltd. However, SVC Bank Ltd has not invoked corporate guarantee till Insolvency Commencement Date i.e 16-12-2022, therefore, claim of SVC Bank Ltd. Has been rejected, however the said Bank had filed an IA before the Hon’ble NCLT, Mumbai which were dismissed by the said Bench vide Order dated 27th March, 2025, however the Bank had filed appeal against the Order in Hon’ble NCLAT and the decision on the same is still pending.
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MT Educare Limited filed this with the NSE as a statutory disclosure, categorised under regulatory filings. 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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