MT Educare Limited has defaulted in repayment of principal and interest amount of 829.0 million to Xander Finance Private Limited, Axis Bank and Shamrao Vitthal Co-operative. The delay in the payment of interest/repayment of principal solely due to disruption in the business activities of education sector caused on account of ongoing COVID-19 pandemic restrictions in the field of education as per the instructions of Government of India since March 2020.