New Delhi: IDBI Bank has filed a new insolvency petition against Zee Entertainment Enterprises Limited (ZEEL) at the National Company Law Tribunal (NCLT), Mumbai Bench, claiming a default of Rs 225.23 crore.
The application, filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, is the third attempt by the bank to initiate a Corporate Insolvency Resolution Process (CIRP) against ZEEL over the same debt.
The claim arises from a Debt Service Reserve Agreement linked to credit facilities extended to Siti Networks, where ZEEL acted as a corporate guarantor.
In its regulatory filing with the BSE and NSE, ZEEL described the petition as “malicious, fraudulent and meritless” and alleged that it was filed “with mala fide…