Disclosures by listed entities of defaults on payment of interest/ repayment of principal amount for loans including revolving facilities like cash credit from banks ....
MTEDUCARE · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
MT Educare Limited has disclosed defaults on repayment of principal and interest for loans from two lenders - Prudence ARC and Axis Bank. The company has been in default since March 2021, with the formal default date recorded as April 30, 2026. Default amounts total Rs 16.44 crore principal plus Rs 3.75 crore interest to Prudence ARC, and Rs 7.65 crore principal plus Rs 4.51 crore interest to Axis Bank. Total outstanding borrowings stand at Rs 32.33 crore. The company is currently under Corporate Insolvency Resolution Process (CIRP) since December 16, 2022, following an NCLT order. A Resolution Professional has been appointed to oversee the insolvency proceedings.
This is an extremely negative development for shareholders. The company is already under insolvency proceedings, and the admission of loan defaults confirms severe financial distress with minimal recovery prospects for equity holders.