Zee Learn Limited has informed regarding Disclosure of material issue Intimation regarding Dismissal of Petition as Withdrawn under Section 7 of theInsolvency and Bankruptcy Code, 2016 Petition No. 1126 of 2023 (Axis BankLimited v. Zee Learn Limited)
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Zee Learn has informed exchanges that the insolvency petition filed by Axis Bank Limited under Section 7 of the IBC, 2016 (Petition No. 1126 of 2023) has been dismissed as withdrawn by the NCLT Mumbai Bench. The matter was heard on March 19, 2025 and was only at a pre-admission stage, meaning the Corporate Insolvency Resolution Process (CIRP) was never formally initiated against the company. With this order, the petition stands fully disposed of and no further proceedings remain pending in the matter.
This is a positive development for shareholders as it removes the threat of insolvency proceedings from Axis Bank, which had been an overhang since December 2023. With no CIRP admission, Zee Learn avoids potential asset freezing, management changes, and the value destruction typically associated with formal insolvency.