Zee Learn

The National Company Law Appellate Tribunal (NCLAT) has set aside an NCLT order allowing insolvency proceedings against the Essel group firm Zee Learn and directed the Mumbai bench of NCLT to pass a fresh order. Earlier on February 10, the National Company Law Tribunal (NCLT) had admitted the plea filed against Zee Learn by its financial creditor Yes Bank Ltd (YBL) and directed to initiate insolvency proceedings against it. This was immediately challenged by Zee Learn before the appellate tribunal NCLAT, which "allow this Appeal and set aside the order dated February 10, 2022". The appellate tribunal has said the corporate debtor (Zee Learn) had also moved an interim application before NCLT requesting to dismiss the Section 7 Application against it. This was entertained by NCLT and notices to YBL and others were issued on January 19, and the date of February 21 was fixed for a hearing. "We are of the view that the Adjudicating Authority (NCLT), it having already issued notice on t

The National Company Law Tribunal (NCLT) has directed to initiate insolvency proceedings against Zee Learn, following a petition filed by private sector lender Yes Bank Ltd. Yes Bank Ltd (YBL) had claimed a default of Rs 468.99 crore by the Essel Group company. Out of the default amount of Rs 468.99 crore, the principal amount was Rs 410.67 crore and Rs 58.32 was interest. The date of default was August 2, 2021. A two-member bench of the Mumbai NCLT said the application made by the financial creditor Yes Bank is complete in all respects as required by law. "It clearly shows that the Corporate Debtor (Zee Learn) is in default of a debt due and payable, and the default is in excess of the minimum amount stipulated under section 4(1) of the IBC," said NCLT. Therefore, the debt and default stand established and there is no reason to deny the admission of the Petition. "In view of this, this Adjudicating Authority (NCLT) admits this Petition and orders initiation of CIRP against the .

Second firm after Dish TV where Yes Bank and Essel group promoters at loggerheads

Private sector lender Yes Bank has moved NCLT seeking initiation of insolvency proceedings against Zee Learn, according to a regulatory filing

The company said that Yes Bank Ltd has allegedly claimed that the total amount in default with respect to a financial facility is Rs 468 crore

The Moving Average Convergence Divergence (MACD) has crossed the zero line almost after 2 years in Zee Learn stock

Analysts positive on institutional shareholders Invesco, OFI Global's call for removal of Goenka as director

Education-related stocks are either trading sideways or waiting for an upward breakout, with major supports being held firmly, technical charts suggest

Balance amount was paid by Zee Entertainment Enterprises

Rating revision factored in likelihood of default on payments due on Wednesday

IIAS has said "investors may need to wrestle the company out of the promoters' control and influence."

The stock was trading 3.38 per cent up at Rs 45.90 on BSE

This, after media reports of Tree House shutting down hundreds of its playgroup centres

Total income from operations grew to Rs 33.55 cr

Zee Learn Limited has appointed Debshankar Mukhopadhyay as chief executive officer. Mukhopadhyay has over 20 years of experience in educational and financial sectors across South Asia. Prior to this, he was the head of educational sales, financial services and insurance, Manipal Global Education Services. His previous stints have been with Max Life Insurance Co. Ltd, Western Union, Scholastic India, Zee Interactive Learning Systems Ltd and DHL Worldwide.Digital agency headWunderman has appointed Caspar Schlickum as chief executive officer for the Asia-Pacific region, beginning in September. Schlickum joins Wunderman from Xaxis, a WPP-owned global digital media platform, where he served as CEO for the Europe, the Middle East and Africa region. He will oversee Wunderman's Asia-Pacific operations. Schlickum will be responsible for developing and expanding the agency's offering and role with a particular emphasis on digital and data-driven marketing.Media mattersIBT Media India has appoin

Revenue from operations stood at Rs 42.06 crore for Q1 FY17 compared to Rs 35.79 crore in Q1 FY16

The stock surged 14% to Rs 34.10 on the BSE in early morning trade on back of heavy volumes.

Mukhopadhyay earlier was Head of Educational Sales-Financial Services & Insurance, at Manipal Global Education Services

Company has put proposed merger of Tree House with itself on hold

This deal, announced in December 2015, was to make the combined entity the largest pre-school chain in India