MT Educare Limited has informed the Exchange about General Updates
MTEDUCARE · price
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Awaiting price reaction for this filing.
MT Educare Limited has received a tax demand notice from the GST Authority in Uttar Pradesh (Prayagraj) for the financial year 2018-19. The total demand is Rs. 38,25,200, which includes a base tax of Rs. 11,95,562, interest of Rs. 14,34,076, and a penalty of Rs. 11,95,562. The payment was due by June 6, 2025. The company is currently under the Corporate Insolvency Resolution Process (CIRP) since December 16, 2022, and is arguing that this demand, being for a pre-CIRP period, should not be enforceable under the Insolvency and Bankruptcy Code (IBC). The company is in the process of responding to the department and notes that the financial impact is limited to the amount demanded.
The Rs. 38.25 lakh demand is relatively small for a listed company, but adds to the company's existing troubles as it is already under CIRP. Shareholders should note that the company is contesting the demand, but resolution timelines remain uncertain given the ongoing insolvency process.