MT Educare Limited announced that the company has defaulted in repayment of Principal and Interest Amount. For loans from banks and financial institutions, including ECBs: MT Educare Limited, Date of making the disclosure, February 28, 2023, 2023, Nature of obligation (e.g. term loans, ECBs, etc.), Term Loan, Overdraft and Corporate Guarantee, Name of lender(s), Asset Care & Reconstruction Enterprise Limited (ARCE) and Axis Bank, Date of default, Since March, 2021 Onwards, Current default amount: from ACRE Principal of INR 164.4 Million and interest of INR 37.5 million and from Axis Bank Limited Principal of INR 76.5 Million and interest of INR 45.1 million. The Company is in Corporate Insolvency Resolution Process since 16.12.2022 as per Honourable NCLT order dated 16.12.2022.

The Claim submission and verification are in process as per public announcement.