NCLT admits IndusInd bank insolvency plea against Zee Entertainment share price – Business News India

read on the appZee Entertainment Enterprises, a company of Zee Group in the media sector, will go through the bankruptcy process. The National Company Law Tribunal (NCLT) has

cleared the insolvency proceedings of Zee Entertainment. This order of NCLT has come on a petition filed by IndusInd Bank. On Wednesday, the third trading day of the week, the

share price of Zee Entertainment fell by 2.39% to Rs 205.90. Explain that IndusInd Bank, in its application filed before the NCLT, had sought approval to start the insolvency

process alleging a loan default of Rs 83.06 crore on Zee Entertainment. Under Section 7 of the Insolvency and Bankruptcy Code (IBC), there is a provision to initiate recovery

process on default in loan payment. Let us tell you that Zee Entertainment Enterprises had announced the merger with Sony Pictures Networks India on December 2022. Under this deal,

Sony was proposed to invest $ 1.575 billion. December quarter status: Zee Entertainment's net profit declined by 91.86 percent to Rs 24.32 crore during the quarter. Its

profitability has been affected due to high costs and investment in its OTT platform. The company had earned a profit of Rs 298.98 crore in the December quarter of FY 2021-22. The

income during the period declined marginally to Rs 2,127.23 crore. 2,130.44 crore in the same quarter last year.