Axis Bank has approached the National Company Law Tribunal (NCLT) with a plea seeking insolvency proceeding against Zee Learn, the education services provider said on December 26.
"This is to inform you that a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 has been filed by Axis Bank Limited to initiate Corporate Insolvency Resolution Process (CIRP) of the Company, before the Hon'ble National Company Law Tribunal, Mumbai," a regulatory filing stated.
Zee Learn said that, in this context, it has received a notice from the Mumbai-bench of the NCLT.
The company said it is compiling information to verify the facts claimed in said petition filed by Axis Bank, adding that it will keep the exchanges updated of the further developments in the matter.
Shares of the company closed at Rs 6.28, up about 5 percent.
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