Zee, IndusInd Bank settle load default dispute
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1 year ago 06:00:03am Television

Zee, IndusInd Bank settle load default dispute

New Delhi, 30-March-2023, By IBW Team

Zee, IndusInd Bank settle load default dispute

Zee Entertainment Enterprises Ltd and IndusInd Bank Ltd told an Indian tribunal on Wednesday that they have settled a dispute over a loan default, paving the way for the media company’s merger with a local unit of Sony.

IndusInd started bankruptcy proceedings against Zee Entertainment late last month over a default of Rs. 830.80 million ($10.10 million).

Zee Entertainment challenged the move in the National Company Law Appellate Tribunal (NCLAT), which put the insolvency proceedings on hold, according to a Reuters report.

IndusInd Bank yesterday told the NCLAT that it would also withdraw its objection to Zee Entertainment’s merger with a local unit of Japan’s Sony.


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