Zee Entertainment moves NCLT seeking dismissal of IndusInd Bank petition

The petition was filed on Monday, it said, without providing further details.

Zee Entertainment Enterprises (ZEEL) on Tuesday said it has filed an interlocutory application before the National Company Law Tribunal (NCLT’s) Mumbai bench, seeking dismissal of a petition filed earlier by IndusInd Bank.

The company has filed an interlocutory application before NCLT, Mumbai, seeking an outright dismissal or rejection of the petition filed by IndusInd Bank on the ground that the filing is a breach of orders passed by the Delhi High Court dated February 25, 2021, and December 3, 2021, it said in a regulatory update.

The petition was filed on Monday, it said, without providing further details.

On February 4, ZEEL had informed the BSE that the private lender had moved the bankruptcy court seeking a payment of over Rs 83 crore. IndusInd Bank filed the petition claiming to be a financial creditor and had sought initiation of the Corporate Insolvency Resolution Process (CIRP) against ZEEL under Section 7 of the Insolvency and Bankruptcy Code, it had said.

ZEEL had said it was a party to the Debt Service Reserve Account Guarantee Agreement (DSRA), which it entered with IndusInd Bank for the term loan facility advanced to City Networks, a unit of ZEEL. The issue of the company’s alleged default is pending before the Delhi HC, and hence is sub-judice, it added.

Earlier, Invesco, which, together with its subsidiary OFI Global China Fund, holds a 17.88% stake in ZEEL, had moved courts alleging corporate governance issues in the entertainment firm.

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