MUMBAI : The Indian Performing Proper Society (IPRS) has filed a petition on the Mumbai bench of the Nationwide Firm Regulation Tribunal (NCLT) underneath the Company Insolvency Decision Course of (CIRP) towards Zee Leisure Enterprises (ZEE), searching for a cost of over ₹211.41 crore.
The corporate knowledgeable the inventory exchanges on Monday that IPRS, an operational creditor, has moved the devoted chapter courtroom claiming a debt and default of ₹211,41,82,521 in the direction of royalty payable for utilization of “literary and musical works”.
ZEE stated the corporate might be submitting its reply rejecting the declare on the grounds that there’s a pre-existing dispute between the events on the claimed quantity and that the declare will not be in consonance with the interpretation of the legislation on the purpose of cost of royalties for “literary and musical works” by the Delhi Excessive Court docket. “Therefore, the claimed quantity will not be due or payable to IPRS.”
Final yr, IndusInd Financial institution Ltd approached the devoted chapter courtroom towards ZEE for an alleged default of ₹89 crore. Later, Axis Finance, a subsidiary of personal sector lender Axis Financial institution, moved the Bombay Excessive Court docket towards Essel Group promoter Subhash Chandra and his sons Punit and Amit Goenka, searching for restoration of ₹61.64 crore.
Final month, one other monetary creditor, IDBI Financial institution filed an insolvency software claiming a default of ₹149 crore. 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, an Essel group entity. ZEE, which has entered right into a definitive settlement with Culver Max Leisure (earlier Sony Photos Networks India) for a merger, is awaiting NCLT clearance for a similar. Nonetheless, the three lenders — IndusInd Financial institution, Axis Finance (AFL), and IDBI Financial institution — have already approached the tribunal to intervene within the proposed merger.
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Supply: Live Mint