MUMBAI: The National Company Law Tribunal (NCLT) has directed to initiate insolvency proceedings against Zee Learn, following a petition filed by private sector lender Yes Bank.
Yes Bank had claimed a default of Rs 468.99 crore by the Essel Group company. Out of the default amount of Rs 468.99 crore, principal amount was Rs 410.67 crore and Rs 58.32 crore was interest. Date of default was August 2, 2021. Yes Bank moved NCLT last year and Zee Learn received notice over the petition on April 25.
A Mumbai NCLT bench said the application made by financial creditor Yes Bank is complete in all respects as required by law. “It clearly shows corporate debtor (Zee Learn) is in default of a debt due and payable, and the default is in excess of minimum amount stipulated under section 4(1) of IBC,” said NCLT.
Therefore, the debt and default stand established and there is no reason to deny the admission of the petition. “In view of this, this adjudicating authority (NCLT) admits this petition and orders initiation of CIRP (Corporate Insolvency Resolution Process) against the Corporate Debtor,” it said.