MT Educare Limited announced that the Company has defaulted in repayment of Principal and Interest Amount. Name of lender are Xander Finance Private Limited, Axis Bank and SVC Co-operative Bank, date of default on August 01, 2021. Details of the obligation (tenure, coupon rate, secured/unsecured, etc.) are Axis Bank Ltd. Term Loan Outstanding is 13.24, rate of Interest is 11.65%, Secured loan, Xander Financial Pvt Ltd. Term Loan Outstanding is 29.47, rate of Interest is 13.75%, Secured loan. Total amount of outstanding borrowings from banks/financial institutions is INR 895.5 million and Total Financial indebtedness of the listed entity including short-term and long- term debt of INR 895.5 million. The delay in the payment of Interest/Repayment of Principal is due to disruption in the Business activities of Education sector caused on account of ongoing COVID-19 pandemic restrictions in the field of Education.