Hearing In ZEEL Bankruptcy Case On August 31, IDBI Bank Had Sought Bankruptcy Proceedings From NCLAT

The National Company Law Appellate Tribunal (NCLAT) on Thursday said it will hear IDBI Bank's plea on August 31.
Hearing In ZEEL Bankruptcy Case On August 31, IDBI Bank Had Sought Bankruptcy Proceedings From NCLAT
Hearing In ZEEL Bankruptcy Case On August 31, IDBI Bank Had Sought Bankruptcy Proceedings From NCLAT.

The National Company Law Appellate Tribunal (NCLAT) on Thursday said it will hear IDBI Bank's plea on August 31. The petition has sought insolvency proceedings against Zee Entertainment ie ZEEL to recover dues of Rs 149.6 crore.

Earlier, the Mumbai Bench of the National Company Law Tribunal (NCLT) had said on May 19 that it could not entertain IDBI's plea. The bench had said that the loan from IDBI Bank was taken by City Networks and the default was also done by it. Zee Entertainment was the only corporate guarantor of this loan. At the same time, ZEEL had said that it cannot be held responsible for the default.

IndusInd Bank also made a similar claim

Earlier, a similar claim was also made by IndusInd Bank. This claim against ZEEL was accepted by the NCLT on 22 February. However, NCLAT later granted relief to ZEEL against the NCLT's decision. Then in March, Ji had settled with IndusInd Bank.

NCLT approved the G-Sony merger

On August 10 this month, the NCLT dismissed another case related to the merger of Zee and Sony India. In this case, objections were raised by GK's creditors Axis Finance, JC Flower Asset Reconstruction Company, IDBI Bank, IMAX Corp and IDBI Trusteeship. The NCLT had cleared the G-Sony merger, dismissing all the objections.

Sony will hold 50.86% stake in the new company

After the G-Sony merger, shareholders will get 85 shares of the new company for every 100 shares held in ZEEL. Promoter Group Essel will hold 6.92 crore shares or 3.99% stake in the new company. Sony will hold 88.31 crore shares or 50.86% stake.

Hearing In ZEEL Bankruptcy Case On August 31, IDBI Bank Had Sought Bankruptcy Proceedings From NCLAT
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