Date: September 30th, 2026
Board Meeting Outcomes
- The Company has defaulted in repayment of Principal and Interest Amount
- Default date: August 31, 2026 (with defaults ongoing since March 2021)
Financial Results
Current Default Amount (INR Crores):
- Prudence ARC: Principal ₹16.44, Interest ₹3.75
- Axis Bank Limited: Principal ₹7.65, Interest ₹4.51
Loan Details:
- Axis Bank Ltd – Term Loan: ₹7.16 crore, 2 years tenure, 11.65% interest, Secured
- Axis Bank Ltd – OD: ₹4.98 crore, 2 years tenure, 11.20% interest, Secured
- Prudence ARC: ₹20.19 crore, 2 years tenure, 13.75% interest, Secured
Total Outstanding Borrowings: ₹32.33 Crores
Other Operational / Legal / Strategic Disclosures
Corporate Insolvency Status:
- Company under Corporate Insolvency Resolution Process since December 16, 2022 per NCLT order
- Claim verification process ongoing as per public announcement
Invoked Corporate Guarantees:
- Axis Bank Ltd for Sri Gayatri Education Society: ₹7.3 crore, Secured
- Prudence ARC for Lakshya Forum for Competitions Private Limited: ₹16.69 crore, Secured
Additional Notes:
1) Loans previously held by Assets Care & Reconstruction Enterprises Limited were reassigned to Prudent ARC Limited vide deed of Assignment dated August 11, 2023
2) Shamrao Vithal Co-op Bank Ltd claim of ₹49.72 crore for corporate guarantee was rejected as not invoked by Insolvency Commencement Date (December 16, 2022). The Bank's appeal is pending with NCLAT
3) No changes have occurred in previously submitted information due to ongoing CIRP proceedings
Resolution Professional Details:
- Mr. Arihant Nenawati (Resolution Professional)
- IP Reg. No: IBBI/IPA-001/IP-P00456/2017-2018/10799
- Mr. Ashwin Bhavanji Shah was initially appointed as Interim Resolution Professional
- Committee of Creditors constituted on August 21, 2023
- Mr. Arihant Nenawati appointed as new Resolution Professional on January 22, 2024