Shares of Zee Entertainment Enterprises Limited (ZEEL) traded higher by 8.28 per cent. After trading at Rs 204.70 per share in Thursday’s intra-day trade, the company said it will pay dues to IndusInd Bank Ltd.
according to a Bloomberg report, media firm wants to solve insolvency proceedings initiated against it and inches closer to completing a merger with the Sony Group unit to create a $10 billion media giant.
Settlement of almost outstanding amount The private lender may get Rs 83.7 crore as early as Friday after IndusInd Bank has agreed to withdraw its insolvency proceedings against it. Zee Once repaid.
The National Company Law Appellate Tribunal (NCLAT) had earlier stayed the insolvency proceedings against ZEEL.
The NCLAT order is a major relief for ZEEL, which is merging with rival Culver Max Entertainment, formerly known as Sony Pictures Networks India.
Commenting on the development, Goenka had said: “We respect the decision taken by the NCLAT and are committed to protecting the interests of all stakeholders. We are focused on the timely completion of the proposed merger (Culver Max Entertainment) .
The Mumbai bench of the National Company Law Tribunal (NCLT) had accepted a petition filed by IndusInd Bank for initiation of insolvency proceedings and appointed Sanjeev Kumar Jalan as interim resolution professional in the matter.
Case related to default 89 crore claimed by IndusInd Bank by Essel Group’s multisystem operator arm Siti Networks, for which ZEEL was a guarantor.
IndusInd had approached NCLT claiming financial debt of approx. 92 crores. However, this was challenged by ZEEL by filing another appeal against the maintainability of the petition by the bank.
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