Date: October 5th, 2026

Financial Default Disclosure

Pursuant to SEBI Circular No. SEBI/HO/CFD/CMD1/CIR/P/2019/140 dated November 21st, 2019, MT Educare Limited (In CIRP) discloses the following financial defaults as of September 30, 2026:

Loan Defaults (in INR Crores):

  • Total outstanding loans/revolving facilities from banks/financial institutions: ₹32.33*
  • Amount of default on these loans: Not specified (--*)
  • Unlisted debt securities (NCDs and NCRPS): Not applicable (NA)
  • Total financial indebtedness including short-term and long-term debt: ₹32.33*

Invoked Corporate Guarantees

Apart from direct borrowings, the company has invoked corporate guarantees against the following entities:

| Lender | Primary Borrower | Amount (₹ Crores) | Security |

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

| Assets Care & Reconstruction Enterprise Limited | Lakshya Forum for Competitions Private Limited | 16.69 | Secured |

Total Invoked Corporate Guarantees: ₹23.99 Crores

Notes and Clarifications

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

2) Shamrao Vithal Co-op Bank Ltd (SVC) submitted a claim of ₹49.72 crore on account of corporate guarantee issued by corporate debtor for its subsidiary Labh Ventures India Pvt Ltd. However, SVC Bank Ltd had not invoked the corporate guarantee till the Insolvency Commencement Date (December 16, 2022). Their claim was rejected, and their application before NCLT Mumbai was dismissed on March 27, 2025. The Bank has filed an appeal with NCLAT, and the decision is still pending.

3) In view of the ongoing CIRP proceedings, no changes have occurred in the information previously submitted in the disclosure.

Corporate Insolvency Resolution Process (CIRP) Background

  • Corporate Insolvency Resolution Process initiated against the company effective December 16, 2022, pursuant to NCLT Order
  • Mr. Ashwin Bhavanji Shah was initially appointed as Interim Resolution Professional (IRP)
  • Committee of Creditors constituted on August 21, 2023
  • Mr. Arihant Nenawati appointed as new Resolution Professional on January 22, 2024, following an application filed by Prudent ARC
  • Resolution Professional IP Registration: IBBI/IPA-001/IP-P00456/2017-2018/10799

Reason for Default

The delay in payment of interest and repayment of principal began due to the disruption in the education sector caused by COVID-19 pandemic restrictions, followed by subsequent challenges faced by the Company from time to time.