Personal lender IDBI Financial institution on 15 December moved the Nationwide Firm Regulation Tribunal (NCLT) towards Zee Leisure Enterprises Ltd (ZEEL) and sought an insolvency continuing towards the media agency to get better dues of ₹149.60 crore.
The lender claimed an quantity of ₹149.60 crore, which has been disputed by ZEEL, mentioned a regulatory replace from the media main.
Underneath part 7 of the Insolvency and Chapter Code, 2016, the IDBI Financial institution filed an software claiming to be a monetary creditor, earlier than NCLT for initiation of Company Insolvency Decision Course of towards the corporate, it added.
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“The financial institution’s purported declare arises beneath a Debt Service Reserve Settlement entered into by the financial institution and the corporate for the monetary facility availed by Siti Networks Ltd,” it mentioned.
“ZEEL is vehemently disputing the financial institution’s declare in different proceedings filed by the financial institution towards the corporate for restoration of its alleged dues,” it added additional.
Previously often called SITI Cable Community, SITI Networks is part of the Essel Group and supplies its cable providers at 580 areas and adjoining areas, reaching out to over 11.3 million digital prospects.
Earlier in April, Housing Growth Finance Company Ltd (HDFC) moved NCLT towards the nation’s main multi-system operator SITI Networks Ltd for alleged default of ₹296 crore.
With PTI inputs.
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