Yes Bank Files Plea for Insolvency Proceedings Against Zee Learn

According to a regulatory filing, private sector lender, Yes Bank Ltd has filed a plea with the National Company Law Tribunal for insolvency proceedings against Zee Learn. The company has said that Yes Bank Ltd has claimed that the total amount in default with respect to a financial facility is Rs 468 crore. 

Zee Learn has received a notice of Yes Bank's petition from NCLT Bank in Mumbai and is editing the information to confirm the facts, the filing stated. "A petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 has been filed by Yes Bank Limited to initiate Corporate Insolvency Resolution Process (CIRP) of the Company, before the NCLT, Mumbai," it added.

The company received a notice over the petition on April 25. Zee Learn, an Essel Group company, operates in the education segment. It has a chain of K-12 schools, Mount Litera Zee School along with a pre-school network Kidzee.