Why has IndusInd filed a case against Zee Entertainment?
Answer
Answer
IndusInd Bank filed a plea before NCLT to initiate insolvency proceedings against ZEEL, a unit of Zee Entertainment. According to IndusInd Bank, ZEEL had defaulted on Rs.83.08 crore loan. The application was filed under Section 7 of the Insolvency & Bankruptcy Code (IBC). This section kicks in if the total default is worth Rs.1 crore and above. ZEEL was party to the DSRA Guarantee Agreement regarding the term loan facility to Siti Networks.