ZEE Entertainment Enterprises Limited said that it has entered into an agreement to settle its dispute with IndusInd Bank, paving way for its merger with Sony. The National Company Law Appellate Tribunal (NCLAT) stayed the insolvency plea against ZEEL based on a petition filed by IndusInd Bank to the National Company Law (NCLT).
“The company and IndusInd Bank Ltd have entered into a settlement agreement by which all disputes and claims have been settled between the company and IndusInd Bank Ltd,” said the company in a regulatory filing. IndusInd had filed a plea before the Mumbai bench of the NCLT to initiate insolvency against ZEEL, stating that the company defaulted on dues worth Rs 83.08 crore.
NCLT had appointed Sanjeev Kumar Jalan as the interim resolution professional in the matter. Punit Goenka, the MD and CEO of ZEEL, had moved the appellate tribunal challenging NCLT’s order, following which NCLAT had stayed the proceedings. The settlement of the disputes will clear a major obstacle from ZEE’s path as it looks to merge with former rival Culver Max Entertainment Pvt Ltd, formerly known as Sony Pictures Networks India.
