India Bankruptcy Court Admits Insolvency Plea Against MT Educare

India’s bankruptcy court admitted MT Educare Ltd. into the corporate insolvency resolution process (CIRP) under Section 9 of the Insolvency and Bankruptcy Code (IBC).

The order was passed by the Mumbai bench of the National Company Law Tribunal (NCLT), the listed coaching class chain’s Company Secretary Ravindra Ashok Mishra said in a stock exchange announcement. The detailed copy of the order is awaited.

The NCLT has appointed Ashwin Bhavanji Shah as the interim resolution professional of the company.

The development came after MT Educare’s operational creditor Connect Residuary Private Ltd. filed an application against the company over default of over 5.37 crore rupees ($649,663).

(Note: 1$ = 82.6583 Indian rupees)