IDBI Financial institution Says Zee Owes Rs 149.60 Crore, Information Insolvency In opposition to Agency

New Delhi:

IDBI Financial institution has moved the Nationwide Firm Legislation Tribunal (NCLT) in opposition to Zee Leisure Enterprises Ltd (ZEEL) searching for an insolvency continuing in opposition to the media agency to get well dues of Rs 149.60 crore.

IDBI Financial institution has claimed an quantity of Rs 149.60 crore, which has been disputed by ZEEL, mentioned a regulatory replace from the media main.

IDBI Financial institution has filed an software underneath part 7 of the Insolvency and Chapter Code, 2016, claiming to be a monetary creditor, earlier than NCLT for initiation of Company Insolvency Decision Course of in opposition to the corporate, it added.

“The financial institution’s purported declare arises underneath a Debt Service Reserve Settlement entered into by the financial institution and the corporate for the monetary facility availed by Siti Networks Ltd,” it mentioned.

ZEEL is “vehemently disputing the financial institution’s declare in different proceedings filed by the financial institution in opposition to the corporate for restoration of its alleged dues,” it added additional.

SITI Networks, previously generally known as SITI Cable Community, is part of the Essel Group.

It supplies its cable providers at 580 places and adjoining areas, reaching out to over 11.3 million digital clients In April this 12 months, Housing Improvement Finance Company Ltd (HDFC) moved NCLT in opposition to the nation’s main multi-system operator SITI Networks Ltd for alleged default of Rs 296 crore.

(Apart from the headline, this story has not been edited by NDTV employees and is printed from a syndicated feed.)