Zee Learn: Asset light model & operating leverage

I am thinking aloud here and I am a novice investor so feel free to correct me.

There are a few concerns on this counter

1. Inexplicable fall in Revenues after Covid (2020) : I searched internet and I could not pin-point the reaso n for failing revenues and operating profit. Could it be plain mis-management ? If it’s mis-management then it can be fixed but if it’s a structure kind of issue (i.e. ppl don’t prefer Zee schools anymore) then the recovery will take more.
2. NCLT admitting pleas by various banks regarding debt restructuring : On this front, there are a lot of confusing news. Last year, Zee Learn said that they have settled their debt with Yes Bank and Indusind bank (Apparently the banks have take a hair cut). However, a few days back there’s a news that NCLT has admitted a plea by Yes Bank. Apparently, FY23-24 balance sheet mentions other income of (-408).
   In my limited understanding, if NCLT sells assets of Zee Learn then it’s a bad omen for investors. Instead, if Zee Learn works out debt restructuring then it’s super good.

This is a case of very high potential and very risky bet. I’ll appreciate if any wise person can guide further.