Indusind Bank Limited has transferred the National Tribunal Company Law (NCLT), Mumbai Bench claimed the default RS 83 Crore by Zee Entertainment.

“An application has been submitted against the company, under section 7 Code of Bankruptcy and Bankruptrbing, 2016 Read with Rules 4 Bankruptcy and Bankruptcy (Authority Application Set) Rule 2016, by Indusind Bank Limited, claiming as a financial creditor, before Hon’ble Native L law The company, Mumbai bench to begin the company’s bankruptcy solution process on the company, claimed the default RS.83,08,00,000, “Zee said in BSE submissions.

Zee said that it was a party for a guarantee agreement for debt services (DSRA guarantee agreements) inserted
Instide with LNDUSLND Limited Bank for the term loan facility further to Siti Networks Limited.

The problem of the alleged default company under the DSRA guarantee agreement is sub-also before the Delhi High Court.

Last month the axis axis of the Finance Axis Bank has threatened legal action against the Subhash Chandra and Punit Goenka, MD and CEO, Zee Entertainment including the opposite merger between ZEE and SONY PICTURES NETWORK INDIA (SPNI).

The Board of Directors of Zee Entertainment Enterprises Ltd (Zeel) on December 22 last year has approved a merger with SPNI.

Sony will accommodate 50.86 percent of shares in the joining entity, the council said.

In a letter to Zee, Axis Finance said that Chandra was indebted at Rs 146 Crore.

Zee Entertainment is also in Loggersheads with the largest shareholders of Investco and Ofi Global China Fund.

Shareholders seek the removal of Goenka Punit and the appointment of six new independent directors.

Zee-Investco material is currently being stated in the National Law of Tribunal Law (NCLT), National Law of the Appellate Tribunal (NCLlat) Law and High Court Bombay.

In Loggerhead with Zee, the selection of invesco to merge with Sony will be the key to media companies as Investco along with the contents of Global China together accommodating 17.88 percent in Zee.