MT Educare Limited has informed the Exchange regarding 'Disclosure on defaults on payment of Interest/repayment of principal amount onloans from banks/financial institutions and unlisted debt securities under SEBI CircularNo. SEBI/HO/CFD/CMD1/CIR/P/2019/140 dated November 21st, 2019-31st March, 2025'.
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MT Educare Limited has disclosed defaults on interest and principal payments for loans from banks and financial institutions as on 31 March 2025. Total outstanding loan amount stands at INR 32.33 crores, with the company attributing the delays to COVID-19 disruptions and ongoing business challenges in the education sector. The company is currently under Corporate Insolvency Resolution Process (CIRP) since 16 December 2022, with Mr. Arihant Nenawati as the Resolution Professional. Additionally, invoked corporate guarantees of INR 7.3 crores (Axis Bank for Sri Gayatri Education Society) and INR 16.69 crores (Asset Care & Reconstruction for Lakshya Forum for Competitions) have been reported. The loans were previously held by Assets Care & Reconstruction and later re-assigned to Prudent ARC Limited in August 2023.
This is a negative disclosure confirming continued loan defaults and the company's ongoing insolvency resolution process, signaling severe financial distress and high risk for shareholders. Recovery for equity holders remains uncertain as the CIRP process continues with secured creditors making claims.