File.
| Photograph Credit score: Reuters
Personal sector lender Axis Financial institution has filed a petition towards Zee Be taught earlier than the Nationwide Firm Legislation Tribunal (NCLT) looking for insolvency proceedings towards the the training companies supplier agency.
The corporate has obtained a discover from the Mumbai bench of the NCLT on this regard, Zee Be taught mentioned in a regulatory submitting on Tuesday.
“A petition underneath Part 7 of the Insolvency and Chapter Code, 2016 has been filed by Axis Financial institution Ltd to provoke Company Insolvency Decision Course of (CIRP) of the Firm earlier than the Nationwide Firm Legislation Tribunal, Mumbai,” it mentioned.
The corporate is compiling info to confirm the details claimed in mentioned petition filed by Axis Financial institution, Zee Be taught added.
Zee Be taught has not talked about the quantity claimed by Axis Financial institution. It mentioned: “The Firm shall hold the alternate up to date of the additional developments within the matter.” Part 7 of IBC permits a monetary creditor to maneuver a plea for initiation of a Company Insolvency Decision Course of in case of a default.
NCLT had earlier ordered insolvency proceedings towards Zee Be taught in February this yr, when one other monetary creditor Sure Financial institution Ltd (YBL) filed an analogous petition.
Zee Be taught instantly challenged that order within the Nationwide Firm Legislation Appellate Tribunal (NCLAT) and the appellate tribunal had put aside the sooner order of the NCLT’s Mumbai bench.