MUMBAI: IndusInd Bank, a lender, has filed a complaint with the National Company Law Tribunal (NCLT) against Zee Entertainment for an alleged default of Rs 83 crore.

According to a regulatory filing by Zee Entertainment, an application under the Insolvency and Bankruptcy Code, 2016, has been filed against the company.

"An application has been filed against the Company by IndusInd Bank Limited, claiming to be a 'Financial Creditor,' before the Hon'ble National Company Law Tribunal, Mumbai Bench for initiation of Corporate Insolvency Resolution Process against the Company, claiming a default of Rs.83,08,00,000," according to the filing.

The company is a party to the 'Debt Service Reserve Account Guarantee Agreement' with lnduslnd Bank for the term loan facility given to 'Siti Networks,' according to the filing.

"The Company's alleged breach under the 'DSRA Guarantee Agreement' is currently pending in the Hon'ble Delhi High Court... brought by the Company against lnduslnd Bank Limited." "In the said litigation, the filing of the said CIRP Application is in violation of the order dated February 25, 2021, as modified by the order dated December 3, 2021." In addition, the petition stated that the corporation will take proper legal action.

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