NCLT directs insolvency resolution against Zee Learn over Yes Bank loan default

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 crore 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.