Insolvency Guardian Media Centre
September 11, 2025
Incident Overview
A passenger on the Royal Caribbean ship, Rhapsody of the Seas, reportedly jumped into the ocean to escape paying a gambling debt amounting to $16,000. This event occurred during the ship’s voyage to Barbados, where the individual accumulated substantial losses in the ship’s casino.
The Escape Attempt
The ship docked back at port on a Sunday…
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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…
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Cruise ship passenger jumped overboard to avoid $16,000 gambling debt, prosecutors say MSN
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Royal Caribbean passenger jumps off cruise to avoid $16K gambling debt MSN
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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…
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ZEEL disputes IDBI Bank’s insolvency plea over Rs 225 cr claim Exchange4media
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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…
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