NCLT dismisses insolvency plea by IDBI Bank against Zee Entertainment
By MYBRANDBOOK
The National Company Law Tribunal (NCLT) has dismissed an insolvency plea filed by IDBI Bank against Zee Entertainment Enterprises Ltd, thus removing a hurdle before Zee's proposed merger with Sony. IDBI Bank in December moved the tribunal seeking insolvency proceedings to recover Rs 149.60 crore.
The bank said it was a financial creditor and sought the initiation of the corporate insolvency resolution process.
IDBI Bank in December moved the tribunal seeking insolvency proceedings to recover Rs 149.60 crore, under section 7 of the Insolvency and Bankruptcy Code, 2016.
In its response, Zee said the “bank’s purported claim arises under a debt service reserve agreement (DSRA) entered by the bank and the company for the financial facility availed by Siti Networks Ltd”.
The company added that it is disputing the bank’s claim in other proceedings filed by the lender against the company for the recovery of its alleged dues.
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