Axis Bank Seeks Insolvency Proceedings Against Zee Learn: A Financial Upheaval Unfolds

Axis Bank Seeks Insolvency Proceedings Against Zee Learn: A Financial Upheaval Unfolds

VoM News Desk | December 27, 2023 | 10:43 AM IST | Breaking News | Follow on Google News

Axis Bank Seeks Insolvency Proceedings Against Zee Learn: A Financial Upheaval Unfolds

Axis Bank Seeks Insolvency Proceedings Against Zee Learn: A Financial Upheaval Unfolds

Axis Bank, a significant player in India’s financial realm, has taken a decisive step by petitioning the National Company Law Tribunal (NCLT) to trigger insolvency proceedings against Zee Learn, a prominent education services provider.

The petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, aims to initiate the Corporate Insolvency Resolution Process (CIRP) for Zee Learn, potentially impacting the company’s financial stability and future endeavors significantly.

Axis Bank’s Assertive Move
The basis of Axis Bank’s petition stems from a loan default by Zee Learn, signifying a monumental shift in the financial landscape for the education services entity.

Following the filing of the petition, the Mumbai-bench of the NCLT has issued a notice to Zee Learn, thrusting the company into a crucial phase of intense legal and financial scrutiny.

Zee Learn’s Reaction
In response, Zee Learn is actively collating information to validate the claims asserted in Axis Bank’s petition. The education services provider has pledged to keep the stock exchanges abreast of any further developments concerning this matter, ensuring transparency and accountability in its operations.

Market Dynamics Unveiled
The revelation of this impending legal battle on December 26 had a surprising impact on Zee Learn’s shares, which concluded at Rs 6.28, registering an approximate 5 percent increase. This market response underscores the mercurial nature of financial markets and their acute sensitivity to news regarding legal and financial proceedings of this nature.

VoM News Desk

VoM News is an online web portal in jammu Kashmir offers regional, National & global news.