Zee Learn Limited has announced a significant development in its ongoing legal proceedings. J.C. Flowers Asset Reconstruction Private Limited has withdrawn its appeal before the Supreme Court of India in a Corporate Insolvency Resolution Process (CIRP) matter against the company.

Supreme Court Dismissal

The Supreme Court dismissed the appeal as withdrawn in the case of J.C. Flowers Asset Reconstruction Pvt. Ltd. vs. Surender Singh & Others (Civil Appeal No. 2821 of 2023). The court granted permission for the withdrawal after the appellant's counsel sought to withdraw the appeal.

Company's Disclosure

Zee Learn Limited promptly informed the stock exchanges about this development. In its filing, the company stated that the Supreme Court order has been made available and attached to their exchange filing. This disclosure was made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Implications for Zee Learn

The withdrawal of the CIRP appeal marks a significant turn of events for Zee Learn. While the specific implications of this withdrawal are not detailed in the available information, it potentially alleviates some legal pressure on the company.

Upcoming Board Meeting

In a separate announcement, Zee Learn has informed the exchanges that its Board of Directors is scheduled to meet. The meeting agenda includes the consideration and approval of the Unaudited Financial Results (Standalone and Consolidated) for the quarter ended June 30.

Trading Window Closure

In line with regulatory requirements, Zee Learn has closed its trading window. The window will remain closed until 48 hours after the declaration of results.

Investors and stakeholders of Zee Learn will likely be keeping a close watch on these developments, particularly the upcoming financial results, which may provide further insights into the company's performance and the potential impact of the resolved legal matter.

In a significant development for Zee Learn Limited , the insolvency proceedings against the company have come to an end. J.C. Flowers Asset Reconstruction Private Limited has withdrawn its appeal before the Supreme Court of India, effectively concluding the Corporate Insolvency Resolution Process (CIRP) that had been initiated against Zee Learn.

Background of the Case

The case traces back to an order by the National Company Law Tribunal (NCLT) that had initially admitted and initiated the CIRP for Zee Learn Limited. However, this decision was later challenged by a suspended director of the company before the National Company Law Appellate Tribunal (NCLAT).

NCLAT's Intervention

On February 16, 2023, the NCLAT allowed the appeal filed by the suspended director of Zee Learn Limited. The appellate tribunal set aside the NCLT's order, effectively halting the insolvency proceedings against the company.

Supreme Court Appeal and Withdrawal

Following the NCLAT's decision, Yes Bank Limited, the original petitioner, challenged the order before the Supreme Court of India. However, in a twist of events, Yes Bank subsequently assigned its credit facilities and associated security interests to J.C. Flowers Asset Reconstruction Private Limited.

During a hearing, J.C. Flowers, through its learned Counsel, informed the Supreme Court that it no longer wished to pursue the matter. Consequently, the appeal was withdrawn, leading to its dismissal by the Supreme Court.

Implications for Zee Learn

This development marks a significant turn of events for Zee Learn Limited. The withdrawal of the appeal effectively concludes the insolvency proceedings against the company, potentially providing it with a fresh start and the opportunity to focus on its business operations without the cloud of insolvency hanging over its head.

Official Intimation

Zee Learn Limited, in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements), 2015, has officially intimated the stock exchanges about this development. The company's Company Secretary and Compliance Officer, Anil Gupta, confirmed the withdrawal of the appeal and its dismissal by the Supreme Court.

As the dust settles on this legal battle, stakeholders will be keenly watching Zee Learn's next moves and how this resolution impacts the company's future strategies and financial health.