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The Nationwide Firm Legislation Tribunal (NCLT), on Friday, rejected IDBI Financial institution’s insolvency plea in opposition to Zee Leisure. The financial institution had utilized for insolvency to get better dues of ₹149.60 crore.
IDBI Financial institution appealed to the NCLT in December final 12 months, claiming ₹149.60 crore. The quantity was below dispute between Zee Leisure and IDBI Financial institution.
Counsels representing Zee argued earlier than the NCLT that because the default occurred on a date throughout the suspension interval, the insolvency petition can’t be admitted below Part 10A of the Insolvency and Chapter Code, 2016.
Studies earlier within the 12 months had urged that Zee had provided to pay again the mortgage to IDBI.
Whereas the Competitors Fee of India has authorized the Zee-Sony merger in 2022, after Zee fought a long-drawn authorized battle with one in every of its bigger shareholders, Alabama-based Invesco, Zee continues to combat circumstances of insolvency pushed by its collectors.
The latest hurdle in opposition to the Zee-Sony merger on the NCLT is the petition filed by SEBI in opposition to one of many Essel Group corporations.
Zee founders are additionally in talks with Axis Financial institution Ltd. and JC Flowers & Co.’s asset reconstruction unit to settle dues of ₹400 million every made to entities managed by them.
ZEEL must repay excellent money owed to proceed the merger course of with Sony, which might result in the creation of India’s greatest media agency when it comes to viewership.
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