Zee Entertainment, IndusInd Bank announces settlement of all dues

Zee Entertainment Enterprises Ltd and IndusInd Bank Ltd on Monday informed the National Company Law Appellate Tribunal (NCLAT) that the insolvency case initiated by the bank against the company has been settled and all the necessary payments have been made by Jun 30, as per reports.

In a plea filled by IndusInd Bank, on February, the NCLT’s Mumbai bench had admitted insolvency proceedings against ZEEL.

On June, the Securities and Exchange Board of India (SEBI) had issued an interim order barring Goenka and Subhash Chandra from holding any position as a director or a key managerial personnel of any listed company or its subsidiaries till further directions.

Today, the tribunal asked both parties to clear all dues to the resolution professional for the period the case was under the resolution process.

Amid various reports on the Zee Ent settled IndusInd Bank’s insolvency plea, the shares of Zee Entertainment has climbed three percent in Monday trade.

On BSE Sensex, the shares of Zee Entertainment climbed to a three percent to hit a high of Rs 182.70 and later the stock was trading at 2.5 percent higher at Rs 181.80. Free Press Journal