NEW DELHI: The insolvency petition against Zee Entertainment submitted by IDBI has been rejected by the National Company Law Appellate Tribunal (NCLAT).

When the media company started a corporate insolvency resolution procedure (CIRP) in December 2022, IDBI Bank filed an insolvency complaint against it.

One of ZEE Entertainment's financial creditors is the bank. It claimed to have submitted a complaint alleging that the corporation had missed a payment of Rs. 149 crore.

The bank noted the debt service reserve arrangement it has with the business for the financial facility used by Siti Networks of the Essel Group. IndusInd Bank, IDBI Bank, Axis Finance, and numerous other creditors had protested the Zee-Sony merger at the NCLT door. 

To hasten the broadcaster's merger with Sony, Zed began negotiating with its creditors in April, primarily IDBI Bank, to settle its debts in installments.

After the reparations are finished, Zed and Sony can combine to become a $10 billion media behemoth. 

About Zee: Zee Entertainment Enterprises Limited, commonly known as Zee Entertainment or ZEE, is an Indian multinational media and entertainment company. It is a subsidiary of Essel Group and was founded in 1992 by Subhash Chandra. Zee Entertainment is headquartered in Mumbai, Maharashtra, India.

Zee Entertainment operates various television channels, including Zee TV, Zee Cinema, Zee News, Zee Business, Zee Marathi, Zee Bangla, Zee Telugu, and many more. These channels offer a wide range of programming, including television shows, movies, news, music, and other entertainment content.

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