IDBI Bank has filed an insolvency application against Zee Entertainment Enterprises Limited (ZEEL) before the National Company Law Tribunal (NCLT), Mumbai, seeking initiation of the corporate insolvency resolution process for an alleged default of Rs 225.23 crore, reported CNBC TV-18.
The bank has claimed to be a financial creditor, citing a debt service reserve agreement linked to credit facilities availed by Siti Networks Ltd, where the company was a guarantor. The company has reportedly disputed the claim, calling it malicious, fraudulent and meritless, and said it intends to pursue legal action to protect its reputation.
This is not the first time the bank has approached the tribunal on this matter. In 2022, a similar insolvency plea…