Date: June 29th, 2026

Financial Default Disclosure

Default Details

  • Date of Default: 30/05/2026 (with defaults occurring since March 2021 onwards)
  • Nature of Obligation: Term Loan, Overdraft and Corporate Guarantee
  • Lenders: Prudence ARC and Axis Bank

Current Default Amount Breakdown (₹ in Crores)

| Lender | Principal | Interest |

| Prudence ARC | 16.44 | 3.75 |

| Axis Bank Limited | 7.65 | 4.51 |

Outstanding Borrowings Details

| Lender & Facility | Amount Outstanding (₹ Crores) | Tenure (Years) | Interest Rate | Security |

| Axis Bank Ltd – Term Loan | 7.16 | 2 | 11.65% | Secured |

| Axis Bank Ltd – OD | 4.98 | 2 | 11.20% | Secured |

| Prudence ARC | 20.19 | 2 | 13.75% | Secured |

Total outstanding borrowings from banks/financial institutions: ₹32.33 Crores

Corporate Guarantee Invocations

Apart from direct borrowings, the following corporate guarantees have been invoked against the company:

| Name of Lender | Name of Primary Borrower | Amount (₹ in Crores) | Security |

| Axis Bank Ltd | Sri Gayatri Education Society | 7.3 | Secured |

| Prudence ARC | Lakshya Forum for Competitions Private Limited | 16.69 | Secured |

Corporate Insolvency Resolution Process Status

The Company is under Corporate Insolvency Resolution Process since 16.12.2022 as per Honorable NCLT order dated 16.12.2022. The claim verification process is ongoing as per public announcement.

Additional Notes

1. Previously, loans were held by Assets Care & Reconstruction Enterprises Limited which were reassigned to Prudent ARC Limited vide deed of Assignment dated 11th August, 2023.

2. Shamrao Vithal Co-op Bank Ltd (SVC) submitted a claim of ₹49.72 crore for corporate guarantee issued for subsidiary Labh Ventures India Pvt Ltd. However:

  • SVC Bank Ltd had not invoked the corporate guarantee till Insolvency Commencement Date (16-12-2022)
  • The claim was rejected by NCLT
  • SVC Bank filed an IA before NCLT Mumbai which was dismissed on 27th March, 2025
  • The Bank has filed an appeal with NCLAT, with decision still pending

3. No changes have occurred in the information previously submitted due to ongoing CIRP proceedings.

Resolution Professional Information

  • Current Resolution Professional: Mr. Arihant Nenawati (IP Reg. No: IBBI/IPA-001/IP-P00456/2017-2018/10799)
  • Appointment Date: 22nd January, 2024 (appointed by NCLT Mumbai Bench)
  • Previous IRP: Mr. Ashwin Bhavanji Shah was appointed as Interim Resolution Professional per NCLT Order
  • Committee of Creditors: Constituted on 21-08-2023