Zee Learn faces ₹821 crore CIRP plea at NCLT Mumbai

What the latest NCLT notice says

Zee Learn Limited said it has received a notice of a petition filed before the National Company Law Tribunal (NCLT), Mumbai Bench, seeking the initiation of Corporate Insolvency Resolution Process (CIRP). The petition has been filed by Asset Care & Reconstruction Enterprise Limited (ACRE). Zee Learn said the notice also concerns its wholly owned subsidiary, Digital Ventures Private Limited (DVPL). The company received the communication by email on September 26, 2026, from the advocate representing ACRE.

The petition has been filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. In the application, ACRE is identified as a financial creditor. Zee Learn indicated it will take steps as advised by its legal counsels.

Petition details: alleged default of about ₹821 crore

The key figure in the disclosure is the alleged default amount. Zee Learn stated the petition cites an alleged default of approximately ₹821 crore. Separately, the disclosure also references an invocation made earlier in September.

According to the company’s update, the petitions followed an invocation on September 15, 2026, in which ACRE invoked a corporate guarantee for ₹818.23 crore. Zee Learn and DVPL received what the company described as advance service on September 26, 2026, of “unnumbered petitions” filed before the NCLT Mumbai Bench.

Parties involved and the legal route under IBC

The matter is positioned as a lender-driven insolvency initiation attempt through the financial creditor route. Under the IBC framework, Section 7 is used by a financial creditor to seek CIRP against a corporate debtor. In this case, ACRE is the petitioner and Zee Learn and DVPL are respondents, as per the information shared by the company.

The venue is the NCLT Mumbai Bench, which is the adjudicating authority for corporate insolvency matters in this jurisdiction. Zee Learn has not disclosed any outcome yet, only the receipt of notice and its plan to respond through legal counsel.

Company response: legal counsel to advise next steps

Zee Learn’s statement focuses on process rather than merits. The company said it will take steps as advised by its legal counsels. This suggests the immediate next step is to respond to the petition and participate in NCLT proceedings as required.

No additional operational or financial commentary was provided in the disclosure beyond the petition, the alleged default figure, and the timeline of communications.

Key facts table

Timeline: invocation to notice

The disclosure provides two dates that help frame the sequence. The first is the corporate guarantee invocation in mid-September. The second is the advance service/notice of the petitions by email later in the month.

Context: earlier 2022 insolvency petition and withdrawal intent

Zee Learn has also disclosed earlier NCLT developments involving ACRE and Yes Bank. The company informed stock exchanges that ACRE (described as successor to JC Flowers Asset Reconstruction) along with Yes Bank submitted before the NCLT that they intend to withdraw an insolvency petition filed against Zee Learn in 2022.

An NCLT order dated June 8, 2026 recorded the lenders’ submission in the case referenced as C.P. (IB)/301/MB/2022, with an application for formal withdrawal to follow. Zee Learn clarified in that disclosure that the tribunal had only recorded the submission and that it did not, by itself, amount to final disposal or withdrawal until the formal application is processed.

Separate case: Axis Bank petition dismissed as withdrawn

In another matter, Zee Learn disclosed that an insolvency petition filed by Axis Bank Limited was dismissed as withdrawn by the NCLT Mumbai. The company said Petition No. 1126 of 2023 was dismissed as withdrawn on March 19, 2026, and all pending interim applications were also disposed of.

Zee Learn stated it received official confirmation of this outcome on April 9, 2026, and that the order is publicly available on the NCLT website. The Axis Bank petition was also filed under Section 7 of the IBC, 2016.

Market reference: Zee Learn share price snapshot

The disclosure bundle includes a price snapshot for Zee Learn shares. Zee Learn Ltd share price was listed at ₹6.92 on NSE and ₹6.90 on BSE as on September 18, 2026 at 10:11 AM.

The company’s exchange identifiers were also referenced, including BSE scrip code 533287 and NSE symbol ZEELEARN.

Why this matters for investors tracking IBC proceedings

Section 7 filings and NCLT process steps can affect a company’s risk profile because they relate to potential initiation of CIRP. In this case, Zee Learn has reported receipt of notice of a fresh petition by ACRE citing an alleged default of approximately ₹821 crore, alongside a recent corporate guarantee invocation amount of ₹818.23 crore.

At the same time, Zee Learn has pointed to prior legal developments, including recorded intent by certain lenders to withdraw a 2022 insolvency petition and the dismissal as withdrawn of Axis Bank’s petition in March 2026. The next concrete milestones in the latest ACRE matter would be the company’s response through counsel and any subsequent NCLT listings or orders, if and when disclosed.