NCLT admits listed coaching firm MT Educare under Corporate Insolvency Resolution Process

Corporate Laws

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21th december,2022

A bankruptcy court has admitted MT Educare, formerly known as Mahesh Tutorials, into the Corporate Insolvency Resolution Proceedings (CIRP) and has appointed Ashwin Bhavanji Shah as interim resolution professional for the Mumbai-based coaching firm.

The Mumbai bank of the National Company Law Tribunal (NCLT) allowed the company’s operating creditor, Connect Residuary, to initiate insolvency proceedings. The operating creditor approached the bankruptcy court in November last year after the company defaulted on its instalments of around Rs 5.37 crore.

“After hearing the submissions of both parties and carefully reading the material available on the record, this court is fully satisfied that the operating creditor has successfully demonstrated the existence of ‘debt’ and ‘default’ committed by the corporate debtor (MT Educare ) in this case,” observed the court of HV Subba Rao and Anuradha Sanjay Bhatia in a December 16 order.

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