IDBI Bank v. Zee Entertainment: On Friday, the Mumbai bench of the National Company Law Tribunal (NCLT) dismissed IDBI Bank's bankruptcy claim against Zee Entertainment Enterprises Ltd. (ZEEL), which is supported by Subhash Chandra. Zee was the subject of an insolvency resolution petition filed in the NCLT by IDBI Bank in December 2022 due to a default of more than Rs 149 crore.
The entertainment company said that IDBI Bank, who claimed to be a financial creditor, filed the suit before the Mumbai bench of the NCLT, in a filing in December 2022. The media company's proposed merger with Sony Pictures Networks India depends on the tribunal's decision.
"By the end of the first half of this fiscal year, we are trying to complete the merger with ZEEL," Yoshida said at the company's annual corporate strategy meeting.
According to a Bloomberg story from April, Zee Entertainment is attempting to negotiate debt repayment terms with its creditors in order to clear any remaining obstacles before finalising the merger with the Sony Group, which would create a $10 billion media conglomerate.
The business settled the debts owed to one of its creditors, IndusInd Bank Ltd., in March of this year. Following that, the lender said that it would drop its protests against the merger, Zee said in a filing.
The multilingual TV network reportedly proposed to pay back an approximately Rs 149 crore loan to IDBI Bank in instalments.
The business settled the debts owed to one of its creditors, IndusInd Bank Ltd., in March of this year. In accordance with the agreement, Sony will own 50.86% of the combined company. The Zee promoters will own 3.99 percent of the combined company, while other Zee stockholders will own 45.15 percent.
