Axis Bank Files Insolvency Petition Against Zee Learn

Axis Bank Ltd. has filed an insolvency petition against Zee Entertainment Enterprises Ltd.'s subsidiary—Zee Learn Ltd.—in the National Company Law Tribunal in Mumbai.

The company will collect all the necessary information required to verify the claims made against it and keep the bourses informed about the future updates, it said in an exchange filing on Tuesday.

Zee Learn is involved in education through its brand name, Mount Litera Zee Schools.

The company has also started the Zee Institute of Media Arts—a TV and film training institute in Mumbai—and the Zee Institute of Creative Art in 15 cities across the country.

In February, the NCLT had admitted an insolvency plea filed by Zee Learn creditor Yes Bank Ltd. However, the National Company Law Appellate Tribunal had set the NCLT order aside a week later.

Shares of Zee Learn closed 4.84% higher at Rs 6.28 apiece, as compared with a 0.32% rise in the benchmark BSE Sensex.