Axis Bank files corporate insolvency plea against Zee Learn with NCLT

Zee Learn said that the firm is compiling information to verify the facts claimed in the said petition

Private lender Axis Bank has filed a plea before the National Company Law Tribunal (NCLT) seeking insolvency proceedings against Zee Learn, the education services provider said on Wednesday.

Zee Learn disclosed in an exchange circular that it had received a notice from the Mumbai bench of NCLT.

"A petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 has been filed by Axis Bank Limited to initiate Corporate Insolvency Resolution Process of the company," the company stated.

It added that the firm is compiling information to verify the facts claimed in the said petition.