On Tuesday, Zee Learn Ltd, owned by Subhash Chandra’s Essel Group, officially announced the formalization of a settlement pact with JC Flowers Asset Restructuring Co. (ARC).
Zee Learn in an intimation notice to the stock exchange about execution of the settlement agreement with J.C. Flowers Asset Reconstruction Private Limited said, “We would like to inform you that Zee Learn Limited has signed settlement agreement with J.C. Flowers Asset Reconstruction Private Limited on August 7, 2023 to settle its obligations with respect to loans borrowed by certain trusts and entities.”
“Till the time the loans are settled in terms thereof and legal proceedings initiated in connection therewith are either settled/withdrawn, the matters covered under the legal proceedings remain sub judice,” the notice added.
Zee Learn is a part of Essel Group companies.
Close to a month back, Chandra had put forward the proposal of clearing debts owed to JC Flowers Asset Reconstruction Co., totaling an approximate sum of Rs 6,500 crore.
Discussions for the repayment were underway for months now and it took close to a month for both parties to come to a settlement.
A portion of the debt is reportedly linked to Dish TV, another portion to Zee Learn. There are additional assets that are also involved. As part of the repayment arrangement, ownership of shares in these companies will be reinstated.