MT Educare Limited announced that the company has defaulted in repayment of Principal and Interest Amount. Name of lenders: Asset Care & Reconstruction Enterprise Limited (ARCE) and Axis Bank and SVC Co-operative Bank. Date of default: October 31, 2021, September 30 2021, August 31, 2021, July 31, 2021 and June 30, 2021. Details of the obligation (tenure, coupon rate, secured/unsecured): Axis Bank Ltd. - Term Loan Outstanding is 17.50, rate of interest is 11.65% and its secured. 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. Further, the Company has re-commenced servicing interest from September 2021 onwards for the Loan availed from Axis Bank Limited and further Loan availed from Xander Finance Private Limited were assigned by lender to Asset Care & Reconstruction Enterprise Limited (ACRE) vide agreement dated August 28, 2021.