MT Educare discloses loan defaults; outstanding INR 32.33 crore to Axis Bank and Prudence ARC
MTEDUCARE · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
MT Educare, already under Corporate Insolvency Resolution Process since December 2022, has disclosed ongoing defaults on loans. Defaults to Prudence ARC: principal INR 16.44 Cr, interest INR 3.75 Cr. Defaults to Axis Bank: principal INR 7.65 Cr, interest INR 4.51 Cr. Defaults date back to March 2021. Total outstanding bank borrowings stand at INR 32.33 Crore. Invoked corporate guarantees of INR 7.3 Cr (Sri Gayatri Education Society) and INR 16.69 Cr (Lakshya Forum) are also outstanding.
Negative for shareholders; company remains under insolvency resolution since 2022 with mounting defaults and no resolution plan yet finalized.