IDBI's Fresh Insolvency Petition Against ZEE Fuels Legal Drama
IDBI Bank has filed a new insolvency plea against ZEE at the NCLT, citing a default of Rs 225.22 crore. ZEE deems the claim as malicious and intends to contest it. Previous pleas were dismissed by the NCLT and the appellate tribunal, with no expected financial implications for ZEE.
- Country:
- India
IDBI Bank has reignited legal tensions by filing a fresh insolvency plea against ZEE, claiming a default of Rs 225.22 crore under credit agreements involving Siti Networks Ltd. The case was submitted to the National Company Law Tribunal (NCLT) in Mumbai, asserting IDBI's position as a financial creditor.
ZEE has labeled the recent application as deceitful and baseless, accusing IDBI Bank of intending to malign its reputation. ZEE has promised to challenge the claims vigorously and may pursue legal actions against IDBI for alleged malicious prosecution, defamation, and damages.
This is not the first instance of such legal confrontation, as a similar plea filed by IDBI Bank in 2022 was dismissed by the NCLT. The bank's subsequent appeal in Delhi was also rejected. Despite the ongoing legal tussle, ZEE anticipates no financial repercussions from IDBI's current plea.
(With inputs from agencies.)
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- IDBI Bank
- NCLT
- ZEE
- insolvency
- regulatory
- financial creditor
- debt
- legal dispute
- mala fide
- intent
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