Yes Bank files insolvency case against Zee Learn over Rs.468-Cr loan default

Yes Bank has filed an application before the National Company Law Tribunal to initiate corporate insolvency resolution process (CIRP) against Zee Learn Ltd. The bank claimed the total amount in default with respect to a financial facility is INR 468 crore. Since 2003, Zee Learn has run Asia's largest pre-school chain Kidzee comprising about 1,900 schools in 750 cities across India and neighbouring countries, as well as the Mount Litera Zee School chain of KG to class XII schools comprising over 120 schools across 110 locations. HDFC and Rattan India Finance hold 4.85% and 6.42% stakes, respectively, in the company.