Zee Entertainment Enterprises Ltd. (ZEEL) and Indian Performing Rights Society Ltd. (IPRS) have amicably settled all disputes following which an insolvency case against the former has been withdrawn, ZEEL said in a filing with stock exchanges.
“In view of the settlement between the Company and IPRS, the insolvency petition …..filed by IPRS to the company scheme petition were disposed of as withdrawn, by the NCLT,” the company said in the filing. The final disposal orders dated March 9, 2023 were made available on March 16, 2023, the company said.
“Counsel appearing for the petitioner Gaurav Gadodia a/w CS Ashish O. Lalpuria & CS Kamal Lahoty sought oral permission to withdraw the above company petition in view of settlement agreement entered into between the parties whereunder the corporate debtor has agreed to pay the amount due and payable to the operational creditor,” the NCLT said in its order. “Accordingly, permission is granted and the above company petition is disposed of as withdrawn. Subsequent to all pending applications, if any, stands disposed of,” the order added. In January 2023, IPRS had moved the NCLT claiming a default of ₹211.41 crore by ZEEL.
