Zee Entertainment Enterprises Limited (ZEEL) announced that the National Company Law Appellate Tribunal (NCLAT), Delhi, has dismissed an appeal filed by IDBI Bank Limited against the company.

The NCLAT has upheld the earlier order passed by the National Company Law Tribunal (NCLT), Mumbai, dated May 19, 2023, which had dismissed an insolvency petition filed by the bank.

The development was disclosed by Zee Entertainment through a regulatory filing with the BSE and the National Stock Exchange (NSE) on Monday.

In its filing, ZEEL noted that the appeal was related to an application filed by IDBI Bank under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate insolvency proceedings against the company. The NCLT, Mumbai, had earlier dismissed the application, and the appellate tribunal has now affirmed that decision, dismissing IDBI Bank’s appeal.

The company confirmed that the appellate ruling brings closure to the matter, as there is no change in status regarding any litigation against its key management personnel, promoters, or persons in ultimate control. ZEEL also clarified that the case did not involve any settlement or financial impact that would require disclosure.

Zee Entertainment’s Company Secretary Ashish Agarwal submitted the disclosure to the exchanges, along with requisite details under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The case pertains to earlier proceedings where IDBI Bank had approached the NCLT seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against the entertainment giant. However, the tribunal dismissed the petition, a decision now reinforced by the appellate authority.

This latest ruling offers relief to Zee Entertainment as it continues to navigate regulatory and financial scrutiny amid its broader corporate developments.