The National Company Law Tribunal (NCLT) in Mumbai has admitted the Prudent ARCs application to initiate personal insolvency resolution proceedings against Mahesh R Shetty, promoter of the listed coaching firm MT Educare, formerly known as Mahesh Tutorials, for a Rs 16.64 crore default by the company. Shetty was a personal guarantor against these loans.
The tribunal has also directed the resolution professional Santanu T. Ray to issue a public notice to invite claims from all creditors. In December 2022, the company was admitted under the Corporate Insolvency Resolution Process (CIRP) in an application filed by its operational creditor.
The Resolution Professional shall submit the repayment plan along with his report on the plan to this Au…
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