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IDBI Bank files insolvency petition against Zee Entertainment over Rs 225.23 crore default.
IDBI Bank has filed a new insolvency petition against Zee Entertainment Enterprises (ZEEL) for a default of Rs 225.23 crore, citing a Debt Service Reserve Agreement linked to Siti Networks, where ZEEL was a guarantor.
ZEEL has called the petition "malicious, fraudulent, and meritless," stating they plan to contest it and may pursue legal action against the bank.
IDBI's previous attempts to initiate insolvency proceedings against ZEEL were dismissed by the courts.
ZEEL claims the fresh petition will not impact their finances.
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El banco IDBI presenta una petición de insolvencia contra Zee Entertainment por el incumplimiento de Rs 225.23 crores.