IDBI Bank has filed a fresh plea in the National Company Law Tribunal (NCLT) seeking insolvency against media and entertainment firm ZEE.
In its petition at the Mumbai bench of NCLT, IDBI Bank, claiming to be a financial creditor of the company, has claimed a purported default of Rs 225.22 crore, according to a regulatory filing from the Zee Entertainment Enterprises Ltd (ZEEL).
IDBI Bank’s claim, filed under section 7 of the Insolvency & Bankruptcy Code (IBC), arises under a Debt Service Reserve Agreement entered into by the private sector lender and the company for credit facilities availed by Siti Networks Ltd.
Terming the new application as “malicious, fraudulent and meritless”, ZEE in the regulatory updates said it has been filed…