NCLT dismisses insolvency plea by IDBI Bank against Zee Entertainment
By MYBRANDBOOK
The National Company Law Tribunal (NCLT) has dismissed an insolvency plea filed by IDBI Bank against Zee Entertainment Enterprises Ltd, thus removing a hurdle before Zee's proposed merger with Sony. IDBI Bank in December moved the tribunal seeking insolvency proceedings to recover Rs 149.60 crore.
The bank said it was a financial creditor and sought the initiation of the corporate insolvency resolution process.
IDBI Bank in December moved the tribunal seeking insolvency proceedings to recover Rs 149.60 crore, under section 7 of the Insolvency and Bankruptcy Code, 2016.
In its response, Zee said the “bank’s purported claim arises under a debt service reserve agreement (DSRA) entered by the bank and the company for the financial facility availed by Siti Networks Ltd”.
The company added that it is disputing the bank’s claim in other proceedings filed by the lender against the company for the recovery of its alleged dues.
Microsoft to build a new data centre to support Thailand's tec
Microsoft has revealed intentions to construct a regional data centre as w...
SAP launches cloud services to help Indian scaleups innovate m
SAP at SAP unveils now "GROW with SAP for Scaleups," a new cloud service d...
Denodo and Sonata form alliance to unlock data-to-value creati
Denodo and Sonata Information Technology India Limited (SITL) have annou...
Google Play Store will now let users download two apps simulta
Google Play Store now lets users download two apps simultaneously. While a...
CENTRE FOR DEVELOPMENT OF TELEMATICS
MICROTEK INTERNATIONAL PVT. LTD.
GLOBUS INFOCOM LTD.
OPTIEMUS INFRACOM
Technology Icons Of India 2023: Amit Chadha
. An influential leader in the engineering services industry for over ...
Technology Icons Of India 2023: Ashwini Vaishnaw
Ashwini Vaishnaw is an Indian politician and former IAS officer and is...
Technology Icons Of India 2023: Alok Ohrie
Alok plays a critical role in the Government of India’s Atal Innovat...
ECIL continues to keep India ahead in the growth of Information Technology and Electronics
ECIL played a very significant role in the training and growth of high...
CERT-IN protecting the cyber security space of India
CERT-In serves in the area of cyber security threats like hacking and ...
New defence PSUs will help India become self-reliant
MIL, India’s biggest manufacturer and market leader is engaged in Pr...
TECHNOBIND SOLUTIONS PVT. LTD.
TechnoBind’s business model is focused on identifying and partnering...
TEXONIC INSTRUMENTS
Texonic has carved a niche for itself in the Technology Distribution i...
SUPERTRON ELECTRONICS PVT. LTD.
Supertron deals in servers, laptops, components, accessories and is a...