IndusInd Bank had moved NCLT claiming default of Rs 83.08 crore against the media & entertainment firm.
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Private sector lender IndusInd Bank has filed a plea before NCLT to initiate insolvency proceedings against Zee Entertainment Enterprises Ltd (ZEEL). IndusInd Bank, in its plea before the Mumbai bench of National Company Law Tribunal (NCLT) has claimed a default of Rs 83.08 crore against the media and entertainment firm, ZEEL said in a late evening regulatory updates on Friday. "An application has been filed... by IndusInd Bank Ltd, claiming to be a Financial Creditor, before the NCLT, Mumbai for initiation of Corporate Insolvency Resolution Process (CIRP) against the company, claiming a default of Rs 83.08 crore," it said. The application has been filed under Section 7 of the Insolvency & Bankruptcy Code (IBC), said ZEEL. Under Section 7 of IBC, a financial creditor may move NCLT for initiation of CIRP over default of Rs 1 crore and above. While sharing the details, ZEEL said it is party to the Debt Service Reserve Account Guarantee Agreement (DSRA Guarantee Agreement) entered ..
IndusInd Bank claims to be the financial creditor before the NCLT for initiation of corporate insolvency resolution process against Zee and has claimed a default of Rs 83 crore
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