Zee Learn tumbles 20% as Yes Bank drags the firm into insolvency proceedings

• Yes Bank filed an application before the National Company Law Tribunal to initiate a corporate insolvency resolution process (CIRP) against Zee Learn.
• The bank claimed that the total of default stands at ₹468 crore.
• Zee Learn operates a pre-school chain of K-12 schools including Mount Litera Zee School and Kidzee.

Investors of Zee Learn, an Essel Group company, found themselves in a huge mess after shares of the company crashed nearly 20% after the company was being dragged to National Company Law Tribunal (NCLT) for corporate insolvency.

All this happened after Yes Bank filed an application before the NCLT to initiate a corporate insolvency resolution process (CIRP) against Zee Learn because the firm failed to repay its debt.

Zee Learn informed the BSE that it has received a notice from NCLT over YES Bank's petition and is in the process of compiling information to verify the facts claimed by the bank.

Yes Bank allegedly claimed that the total amount in default with respect to the financial facility is ₹468 crore.

This triggered shares of the company, which tumbled nearly 20% today, April 26.

Zee Learn operates a preschool chain of K-12 schools including Mount Litera Zee School and Kidzee.

SEE ALSO: Adani Green is now more valuable than State Bank of India
After Adani Power, Adani Wilmar enters ₹1 lakh crore club tripling investors money in three months
ShareChat's Moj forays into live commerce, advertisements and hopes its creators will earn $450 million in three years