MT Educare Limited has officially informed stock exchanges that it does not qualify as a Large Corporate under SEBI's regulatory framework, exempting the company from specific disclosure requirements related to debt securities fund raising. Additionally, the company has now submitted its quarterly compliance certificate under SEBI Depositories Regulations for the quarter ended March 31, 2026.

SEBI Depositories Compliance Certificate

On April 7, 2026, MT Educare Limited submitted a certificate under Regulation 74(5) of Securities and Exchange Board of India (Depositories and Participants) Regulations, 2018 to BSE Limited, National Stock Exchange of India Limited, National Securities Depository Limited, and Central Depository Services (India) Limited. The certificate, dated April 1, 2026, was received from MUFG Intime India Private Limited, the company's Registrar and Share Transfer Agent.

Regulatory Compliance Confirmation

The company had earlier submitted its confirmation to both BSE and NSE on April 1, 2026, referencing SEBI Circular No. SEBI/HO/DDHS/CIR/P/2018/144 dated November 26, 2018, and related exchange circulars. The communication specifically addresses the Fund Raising by issuance of Debt Securities by Large Entities guidelines.

Corporate Insolvency Resolution Process Status

MT Educare Limited continues to operate under the Corporate Insolvency Resolution Process (CIRP), which commenced on December 16, 2022, following an order from the National Company Law Tribunal, Mumbai. The company has been undergoing this process in accordance with the Insolvency and Bankruptcy Code, 2016.

Resolution Professional Leadership

The insolvency process has witnessed changes in leadership. Mr. Ashwin Bhavanji Shah was appointed as Interim Resolution Professional (IRP) under the original NCLT Order, and the IRP constituted the Committee of Creditors on August 21, 2023. Mr. Arihant Nenawati was appointed as the new Resolution Professional on January 22, 2024, following an application filed by Prudent ARC and approved by the Hon'ble NCLT, Mumbai Bench.

Depositories Regulation Compliance

MUFG Intime India Private Limited confirmed that securities received from depository participants for dematerialisation during the quarter ended March 31, 2026, were properly confirmed to the depositories. The registrar verified that security certificates received for dematerialisation were mutilated and cancelled after due verification, and the names of the depositories were substituted in the register of members as registered owners within prescribed timelines.

MT Educare Limited has filed its quarterly disclosure on loan defaults with stock exchanges, reporting total outstanding borrowings of ₹32.33 crores as of March 31, 2026. The disclosure was made in compliance with SEBI Circular No. SEBI/HO/CFD/CMD1/CIR/P/2019/140 dated November 21, 2019, which mandates quarterly reporting of defaults on loan repayments.

Outstanding Financial Obligations

The company's quarterly filing reveals its complete financial indebtedness structure under the ongoing Corporate Insolvency Resolution Process:

Corporate Guarantee Liabilities

Beyond direct borrowings, MT Educare faces additional obligations through invoked corporate guarantees for subsidiary companies:

CIRP Management and Legal Framework

MT Educare continues under Corporate Insolvency Resolution Process initiated on December 16, 2022, following the National Company Law Tribunal Mumbai order. The company operates under Resolution Professional Arihant Nenawati, who was appointed on January 22, 2024, replacing the earlier Interim Resolution Professional Ashwin Bhavanji Shah. The Committee of Creditors was constituted on August 21, 2023.

Asset Reassignment and Legal Proceedings

The disclosure confirms that loans previously held by Assets Care & Reconstruction Enterprises Limited were reassigned to Prudent ARC Limited through a deed of assignment dated August 11, 2023. The company notes that Shamrao Vithal Co-op Bank Ltd's claim of ₹49.72 crores for corporate guarantee was rejected as the bank had not invoked the guarantee by the Insolvency Commencement Date. While NCLT Mumbai dismissed the bank's appeal on March 27, 2025, an appeal to NCLAT remains pending.

Impact of COVID-19 and Sector Challenges

The company attributes the delay in interest payments and principal repayments to disruptions in the education sector caused by COVID-19 pandemic restrictions, followed by subsequent operational challenges. All reported financial defaults align with claims received from Secured Financial Creditors as part of the ongoing CIRP proceedings.