IDBI Bank files new insolvency plea against Zee

MUMBAI: IDBI Bank has once again dragged Zee Entertainment Enterprises to the insolvency court. It has filed a fresh application before the Mumbai bench of the company law tribunal to initiate insolvency proceedings against Zee for a default of Rs 225 crore. Zee has disputed the bank’s claim, terming it meritless and an abuse of the legal process. Zee intends to take legal action against IDBI to protect its reputation.The origin of IDBI’s Rs 225 crore claim stems from a debt agreement between the bank and Zee for credit facilities availed by Siti Networks, a company promoted by Zee’s founders. Zee was a guarantor to the Siti loan. According to Zee, in 2022, the bank had previously filed an insolvency case against the company regarding…