Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Zee Entertainment Enterprises Ltd has informed the bourses that IDBI Bank Limited has filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016) before the National Company Law Tribunal (NCLT), Mumbai Bench, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against ZEE, alleging a default of ₹225.23 crore.
ZEE clarified that the claim arises from a Debt Service Reserve Agreement related to credit facilities availed by Siti Networks Ltd, and not by ZEE directly.
ZEE…