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ZEE asserted that Culver Max and BEPL were in default of their obligations to give effect to and implement the Scheme, sanctioned by the Hon’ble National Company Law Tribunal.
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Zee Learn said on Tuesday that a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 has been filed by Axis Bank Ltd to initiate Corporate Insolvency Resolution Process (CIRP) of the company, before the National Company Law Tribunal, Mumbai.
Private sector lender Axis Bank has filed a petition against Zee Learn before the National Company Law Tribunal seeking insolvency proceedings against the the education services provider firm. The company has received a notice from the Mumbai bench of the NCLT in this regard, Zee Learn said in a regulatory filing on Tuesday.