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ZEEL settles dispute with IndusInd Bank making way for Zee-Sony merger

ZEEL settles dispute with IndusInd Bank making way for Zee-Sony merger

| @indiablooms | 29 Mar 2023, 10:17 pm

Mumbai: The merger of ZEEL and Sony has moved a step forward as Zee Entertainment has settled the dispute over the dues with private sector lender IndusInd Bank, media reports said.

Zee Entertainment on Wednesday conveyed to the National Company Law Appellate Tribunal (NCLAT) that it has resolved the dispute and as a result, the bank's plea opposing the merger of ZEEL and Sony has been withdrawn.

IndusInd Bank filed a case of insolvency against Siti Networks, a division of the Zee Group, after a default of Rs 89 crore.

The Mumbai bench NCLT admitted the plea on February 22, allowing IndusInd Bank to admit the company under Corporate Insolvency Resolution Process (CIRP).

It also appointed Sanjeev Kumar Jalan as the interim resolution professional.

Sony and Zee had signed a merger deal in 2021.

ZEEL CEO had appealed the NCLT’s order allowing insolvency proceedings against Zee.

The proceedings were stopped last month. The lawyers of ZEEL told NCLAT that the Sony deal now has all the necessary approvals.

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