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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 .
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