Corporate News

31-Aug-2026, 06:09

MT Educare Limited disclosed a default on repayment of principal and interest to banks and financial institutions, including Prudence ARC and Axis Bank, as of August 31, 2026. The total amount of outstanding borrowings is Rs 32.33 crore, comprising Rs 16.44 crore of principal and Rs 3.75 crore of interest owed to Prudence ARC, and Rs 7.65 crore of principal and Rs 4.51 crore of interest owed to Axis Bank. The company is currently under Corporate Insolvency Resolution Process since December 16, 2022, and also faces corporate guarantee obligations of Rs 7.3 crore to Axis Bank and Rs 16.69 crore to Prudence ARC related to Sri Gayatri Education Society and Lakshya Forum for Competitions Private Limited, respectively.