Zee Entertainment Enterprises Limited on Wednesday (September 10) said it has received an insolvency application from IDBI Bank Limited before the National Company Law Tribunal (NCLT), Mumbai, seeking initiation of the corporate insolvency resolution process.
The bank, claiming to be a financial creditor, has alleged a default of ₹225.23 crore. The claim is based on a debt service reserve agreement related to credit facilities availed by Siti Networks Ltd. Zee Entertainment disputes the claim, calling it malicious, fraudulent, meritless and an abuse of the legal process aimed at harassing and causing disrepute to the company.
The company noted that IDBI Bank had earlier filed similar insolvency applications in 2022 before NCLT, which…