Zee Learn CEO Ritesh Handa Resigns Amid Insolvency Process

Zee Learn Ltd., which is undergoing insolvency resolution, said its Chief Executive Officer Ritesh Handa resigned from the company, citing personal reasons.

Handa also resigned from the statutory position of whole-time director, the bankrupt education provider’s Company Secretary & Compliance Officer Anil Gupta said in a stock exchange announcement.

The resignation is effective from today.

The development comes after India’s National Company Law Tribunal (NCLT) last week admitted Yes Bank’s insolvency resolution petition against Zee Learn.

The NCLT had also appointed Rohit Mehra as an interim resolution professional of Zee Learn, which is a part of Essel Group and runs chain of K-12 schools.

Yes Bank, the financial creditor of Zee Learn -- whose brands include Kidzee Preschool and Mount Litera World Preschool -- had filed the petition against the company, claiming a total default of about 469 crore rupees ($56.82 million).

(Note: $1 = 82.8391 Indian rupees)

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