The National Company Law Tribunal granted IndusInd Bank insolvency proceedings against Zee Entertainment Enterprises.
The order was issued after a petition was filed by IndusInd as Zee failed to oblige with the Debt Service Reserve Account Agreement.
According to media reports, the bank claims a default of INR 83.08 crore. The court has now appointed Sanjay Kumar Jhalani as interim resolution professional.
This news comes at a time when the media network is close to completing its merger with Sony.