Zee Leisure Enterprises (ZEE), the Indian homegrown leisure community, mentioned Monday that it has settled its cost dispute with operational creditor, the Indian Performing Proper Society (IPRS).
In January, the artists’ physique had filed a petition on the Mumbai bench of the Nationwide Firm Legislation Tribunal (NCLT) underneath the Company Insolvency Decision Course of (CIRP) in opposition to ZEE, looking for cost of over ₹211.41 crore.
ZEE knowledgeable bourses in a late night submitting that the difficulty has been resolved with the 2 events coming into a “mutual settlement settlement” and that IPRS has agreed to withdraw the insolvency petition.
“The corporate (ZEE) and IPRS have mutually entered into the settlement settlement at this time on such agreed phrases by which all disputes and claims have been settled between the corporate and IPRS and accordingly IPRS has agreed to withdraw the aforesaid insolvency petition filed by them,” ZEE mentioned.
Whereas ZEE didn’t disclose the settlement quantity, it mentioned the settlement phrases are as per settlement and there’s no penalty paid and no materials impression on the monetary place of firm.
The ZEE spokesperson didn’t reply to Mint’s queries, whereas IPRS CEO Rakesh Nigam remained unavailable until press time Monday.
IPRS works to legitimize the usage of copyrighted music by music customers by issuing them licences and accumulating royalties from music customers, for and on behalf of IPRS members, which embrace authors, composers and publishers of music. Royalty thus collected is distributed amongst members after deducting IPRS’s administrative prices.
IPRS had made a complete demand of ₹211,41,82,521 in the direction of royalty payable for utilisation of “literary and musical works.”
Nonetheless, ZEE maintained that there was a pre-existing dispute between the events on claimed quantity and that the declare was not in consonance with interpretation of the legislation on level of cost of royalties for “literary and musical works“ by Delhi Excessive Courtroom.
Final month, the devoted chapter court docket admitted an insolvency petition in opposition to ZEE filed by its monetary creditor IndusInd Financial institution, underneath Part 7 of the Insolvency and Chapter Code (IBC). Nonetheless, the Nationwide Firm Legislation Appellate Tribunal (NCLAT) stayed the order and listed it for 29 March.
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Supply: Live Mint