ZEE Leisure Enterprises Ltd (ZEEL) has mentioned it has ‘mutually’ settled disputes with the Indian Performing Rights Society (IPRS) and the insolvency petition filed in opposition to by the latter has been withdrawn earlier than the Nationwide Firm Regulation Appellate Tribunal (NCLAT), the PTI reported.
In keeping with a regulatory submitting by ZEEL, “The Firm and IPRS have mutually entered into the settlement settlement immediately on such agreed phrases by which all disputes and claims have been settled between the Firm and IPRS and accordingly IPRS has agreed to withdraw the aforesaid insolvency petition filed by them.”
Although ZEEL has not shared the phrases and situations of settlement, nonetheless, it mentioned that’s entered into the settlement settlement. “There isn’t any penalty paid and no materials influence on the monetary place of the Firm,” it mentioned.
This January, IPRS moved the insolvency tribunal NCLT in opposition to ZEEL claiming a default of Rs 211.41 crore. IPRS, which is a non-profit society comprising authors, composers and music publishers, filed an software underneath Part 9 of the Insolvency and Chapter Code (IBC) 2016, as an operational creditor claiming dues in direction of royalty payable for utilisation of “literary and musical works”.
Earlier on February 24, the NCLAT stayed the insolvency proceedings initiated in opposition to ZEEL. Admitting a petition filed by ZEEL Managing Director and Chief Govt Officer Punit Goenka, the appellate tribunal issued notices to personal sector lender IndusInd Financial institution and the interim decision skilled directing them to file a reply in two weeks.
On February 22, the Mumbai bench of the Nationwide Firm Regulation Tribunal (NCLT) had admitted a plea filed by IndusInd Financial institution to provoke insolvency proceedings in opposition to ZEEL. It had additionally appointed an interim decision skilled after suspending the board.
The NCLAT order was a serious reprieve for ZEEL, which is merging with rival Culver Max Leisure, previously often known as Sony Photos Networks India, creating India’s greatest media empire. The corporate has obtained mandatory approvals from shareholders, collectors, bourses, and CCI and a closing go-ahead from the NCLT is awaited.