According to the order, Edu Smart was a corporate guarantor for its parent company Educomp Solutions, which had availed a loan from Axis Bank. (Image: Reuters)The principal bench of the National Company Law Tribunal (NCLT) in New Delhi has dismissed Axis Banks plea to stake a claim of Rs 397 crore in the ongoing corporate insolvency proceedings against Edu Smart Services. According to the order, Edu Smart was a corporate guarantor for its parent company Educomp Solutions, which had availed a loan from Axis Bank. The order was in response to a plea filed by Axis Bank after Edu Smarts resolution professional (RP) rejected the banks claim filed under the Insolvency and Bankruptcy Code (IBC). The resolution professional inform…
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