MT Educare Limited has informed the Exchange regarding 'Disclosure on defaults on payment of Interest/repayment of principal amount on loans from banks/financial institutions and unlisted debt securities under SEBI Circular No. SEBI/HO/CFD/CMD1/CIR/P/2019/140 dated November 21st, 2019'.
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MT Educare Limited has discloseddefaults on loan payments as of March 31, 2026. The company has total financial indebtedness of Rs. 32.33 crores from banks/financial institutions. The company states the delays began due to COVID-19 pandemic disruptions in the education sector. Importantly, the company is currently under Corporate Insolvency Resolution Process (CIRP) since December 16, 2022, with a Resolution Professional appointed. Additionally, the company has invoked corporate guarantees of Rs. 7.3 crores (for Sri Gayatri Education Society to Axis Bank) and Rs. 16.69 crores (for Lakshya Forum for Competitions Pvt Ltd to Asset Care & Reconstruction Enterprise). A claim of Rs. 49.72 crore from Shamrao Vithal Co-op Bank was rejected as the guarantee wasn't invoked before insolvency commencement date.
This disclosure confirms the company is in financial distress with loan defaults while undergoing insolvency proceedings. Shareholders should note that the company is under CIRP, meaning the outcome remains uncertain and recovery for equity holders is unlikely unless a viable resolution plan is approved.