Insolvency proceeding to start against Zee

The National Company Law Tribunal (NCLT) has admitted an insolvency plea by IndusInd Bank against Zee Entertainment Enterprises Ltd — which may have implications on Zee’s proposed merger with Sony.

The private-sector lender has claimed a default of Rs 83.08 crore against the Essel group firm.’

The tribunal has reportedly appointed Sanjay KumarJhalani as the interim resolution professional. Under the provisions of the Insolvency and Bankruptcy Code(IBC), a financial creditor can drag a company to the NCLT for default of over Rs 1 crore and above.