Financial creditor ACRE files Section 7 petitions at NCLT seeking CIRP over alleged default of about Rs. 821 crores
Zee Learn and its wholly owned subsidiary Digital Ventures Pvt Ltd received advance service of petitions shared by Asset Care & Reconstruction Enterprise Ltd (ACRE) before NCLT Mumbai under Section 7 of IBC, seeking insolvency proceedings.
By ScoutQuest · · 1 min read
- Financial Creditor
- Asset Care & Reconstruction Enterprise Ltd (ACRE)
- Alleged Default Amount
- approximately Rs. 821 crores
- Applicable Section
- Section 7 of the Insolvency and Bankruptcy Code, 2016
- Relief Sought
- Corporate Insolvency Resolution Process (CIRP)
- Entities Covered
- Zee Learn Limited and its wholly owned subsidiary Digital Ventures Private Limited
What was shared
Zee Learn Limited and its wholly owned subsidiary Digital Ventures Private Limited (DVPL) received emails from the advocate representing Asset Care & Reconstruction Enterprise Limited (ACRE), giving advance service of unnumbered petitions shared before the National Company Law Tribunal, Mumbai Bench.
- The petitions are under Section 7 of the Insolvency and Bankruptcy Code, 2016, which a financial creditor can use when it alleges a default.
- The relief sought is initiation of the Corporate Insolvency Resolution Process (CIRP) against both the Company and DVPL.
- The amount of default alleged is approximately Rs. 821 crores.
What this means in simple terms
A Section 7 petition is an application, not an order. The tribunal has to hear the matter and decide whether to admit it. If a petition is admitted, the company's board is superseded and an insolvency professional takes over management during the resolution process.
At this stage the petitions are described as unnumbered and served in advance, meaning they have been shared and shared with the company ahead of formal proceedings.
Company's response
The Company and DVPL stated they will take steps as advised by their legal counsels. The intimation was made solely for compliance with Regulation 30 and is without prejudice to their legal rights and remedies. The Company said it will keep the stock exchanges informed of material developments.
Why investors watch this
The size of the alleged default and the fact that the petitions cover both the listed entity and its wholly owned subsidiary make this a development to track through subsequent updates on NCLT hearings and any admission or rejection of the petitions.
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More numbers
- Alleged amount of default in Section 7 applicationapproximately Rs. 821 crores
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