Axis Bank files insolvency petition against Zee Learn

New Delhi: Zee Learn said on Tuesday that a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 has been filed by Axis Bank Ltd to initiate Corporate Insolvency Resolution Process (CIRP) of the company, before the National Company Law Tribunal, Mumbai.

"In this context, we would like to inform you that the company has received the notice of said Case Number from NCLT Mumbai. The company is compiling information to verify the facts claimed in said petition filed by Axis Bank Ltd. The company shall keep the exchange updated of the further developments in the matter”, Zee Learn said in a filing.

In a filing on December 5, Zee Learn said a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 has been filed by Axis Bank Ltd to initiate Corporate Insolvency Resolution Process (CIRP) of Digital Ventures Private Ltd (a wholly-owned subsidiary of Zee Learn Ltd), before the National Company Law Tribunal, Mumbai.

Last month, Zee Learn revamped its company logo and its well-known brand Kidzee.

"This brand transformation is aimed at nurturing the next generation and making them future-ready. The new brand identity will ensure we stand out from the competition by creating a fresh and unique appeal. It will also help us re-engage with our audiences by creating excitement and interest in the brand. Please find below details of our brand and logo revamps," it said.