<p>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 Ltd.</p>.<p>Yes Bank Ltd (YBL) had claimed a default of Rs 468.99 crore by the Essel Group company.</p>.<p>Out of the default amount of Rs 468.99 crore, the principal amount was Rs 410.67 crore and Rs 58.32 crore was interest. The date of default was August 2, 2021.</p>.<p>A two-member bench of the Mumbai NCLT said the application made by the financial creditor Yes Bank is complete in all respects as required by law.</p>.<p><strong>Also Read | <a href="https://www.deccanherald.com/business/business-news/centre-proposes-slew-of-changes-to-its-bankruptcy-law-1182516.html" target="_blank">Centre proposes slew of changes to its bankruptcy law</a></strong></p>.<p>"It clearly shows that the Corporate Debtor (Zee Learn) is in default of a debt due and payable, and the default is in excess of the minimum amount stipulated under section 4(1) of the IBC," said NCLT.</p>.<p>Therefore, the debt and default stand established and there is no reason to deny the admission of the Petition.</p>.<p>"In view of this, this Adjudicating Authority (NCLT) admits this Petition and orders initiation of CIRP against the Corporate Debtor," it said.</p>.<p>CIRP stands for Corporate Insolvency Resolution Process.</p>.<p>YBL moved NCLT last year and Zee Learn received notice of the petition on April 25.</p>.<p>Zee Learn mainly operates in the education segment. It has a chain of K-12 schools, Mount Litera Zee School, and a preschool network -- Kidzee.</p>
<p>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 Ltd.</p>.<p>Yes Bank Ltd (YBL) had claimed a default of Rs 468.99 crore by the Essel Group company.</p>.<p>Out of the default amount of Rs 468.99 crore, the principal amount was Rs 410.67 crore and Rs 58.32 crore was interest. The date of default was August 2, 2021.</p>.<p>A two-member bench of the Mumbai NCLT said the application made by the financial creditor Yes Bank is complete in all respects as required by law.</p>.<p><strong>Also Read | <a href="https://www.deccanherald.com/business/business-news/centre-proposes-slew-of-changes-to-its-bankruptcy-law-1182516.html" target="_blank">Centre proposes slew of changes to its bankruptcy law</a></strong></p>.<p>"It clearly shows that the Corporate Debtor (Zee Learn) is in default of a debt due and payable, and the default is in excess of the minimum amount stipulated under section 4(1) of the IBC," said NCLT.</p>.<p>Therefore, the debt and default stand established and there is no reason to deny the admission of the Petition.</p>.<p>"In view of this, this Adjudicating Authority (NCLT) admits this Petition and orders initiation of CIRP against the Corporate Debtor," it said.</p>.<p>CIRP stands for Corporate Insolvency Resolution Process.</p>.<p>YBL moved NCLT last year and Zee Learn received notice of the petition on April 25.</p>.<p>Zee Learn mainly operates in the education segment. It has a chain of K-12 schools, Mount Litera Zee School, and a preschool network -- Kidzee.</p>