ZEEL moves NCLT for dismissal of IndusInd Bank’s insolvency plea

Media firm Zee Entertainment Enterprise Ltd (ZEEL) has moved an application before the National Company Law Tribunal (NCLT) requesting the dismissal of the plea filed by private sector lender IndusInd Bank against the company.

IndusInd Bank had moved NCLT claiming default of 83.08 crore against the media & entertainment firm. The petition, to initiate insolvency proceedings against ZEEL, has been filed under section 7 of the Insolvency & Bankruptcy Code (IBC).

“The Company has on February 21, 2022 filed an interlocutory application before the NCLT, Mumbai Bench for dismissal of IndusInd Bank’s petition under Section 7 of the Insolvency and Bankruptcy Code, 2016,” said ZEEL in a regulatory update.

ZEEL has claimed that the petition by IndusInd Bank is an “act in breach/violation of the orders dated February 25, 2021 and December 3, 2021 passed by the Delhi High Court”.

Earlier this month, while…

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