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An update from MT Educare Ltd ( (IN:MTEDUCARE) ) is now available.
MT Educare Limited has disclosed that it has defaulted on repayment of principal and interest on multiple secured borrowings, including term loans, overdraft facilities and corporate guarantees, with total outstanding borrowings from banks and financial institutions of about Rs 32.33 crore. The defaults, which relate mainly to obligations towards Prudence ARC and Axis Bank dating back to March 2021, also encompass invoked corporate guarantees for third-party borrowers and are being addressed within the ongoing Corporate Insolvency Resolution Process, while certain disputed guarantee-related claims continue to be contested before higher judicial forums, underscoring the company’s stressed financial position and the unresolved exposure for its secured creditors.
More about MT Educare Ltd
MT Educare Limited is an Indian education services company providing coaching and tutorial services, with a focus on school and college-level education and competitive exam preparation. The company operates through a network of centres and related entities, and is currently undergoing a Corporate Insolvency Resolution Process (CIRP) as per an order of the National Company Law Tribunal (NCLT) dated 16 December 2022.
Average Trading Volume: 3,939
Technical Sentiment Signal: Strong Sell
Current Market Cap: 140.1M INR
For a thorough assessment of MTEDUCARE stock, go to TipRanks’ Stock Analysis page.