MT Educare Limited has informed the Exchange regarding 'Regulation 30 Disclosure defaults on repayment of Principal Amount andInterest-29082025'.
MTEDUCARE · price
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MT Educare Limited, which is under Corporate Insolvency Resolution Process (CIRP) since December 16, 2022, has disclosed defaults on loan repayments to two lenders. The company has defaulted on Rs. 16.44 crore principal and Rs. 3.75 crore interest owed to Prudence ARC, and Rs. 7.65 crore principal and Rs. 4.51 crore interest owed to Axis Bank. Total outstanding borrowings from banks and financial institutions stand at Rs. 32.33 crore. Additionally, invoked corporate guarantees of Rs. 7.3 crore (Axis Bank for Sri Gayatri Education Society) and Rs. 16.69 crore (Prudence ARC for Lakshya Forum for Competitions) exist. The defaults have been ongoing since March 2021, and the Resolution Professional is managing the process.
This is a formal disclosure of existing loan defaults that are already part of the company's ongoing insolvency resolution process. Shareholders should note that the company remains under CIRP with a Resolution Professional, and recovery prospects depend on the outcome of the insolvency proceedings. This disclosure is largely procedural and unlikely to cause further stock price decline beyond what has already been priced in given the insolvency status.