September 10, 2025

Hold on, media watchers! A fresh legal storm is brewing as IDBI Bank has knocked again on the doors of the National Company Law Tribunal (NCLT) in Mumbai. This time, the bank has filed a new insolvency plea against media giant ZEE Entertainment Enterprises Ltd (ZEEL), claiming a huge default of Rs 225.22 crore. What’s the twist? The bank’s claim roots back to a Debt Service Reserve Agreement linked to credit facilities used by Siti Networks Ltd, with IDBI calling itself a financial creditor here. But ZEE is not leaving quietly! In a fiery statement, ZEE slammed the bank’s new move as “malicious, fraudulent and meritless.” The company slammed the plea was filed "with mala fide intent to harass and cause disrepute". ZEE boldly declared, “The company vehemently disputes the bank's claims and is taking necessary and appropriate steps to contest the same. The company may also adopt legal remedies against the bank, including for malicious prosecution, defamation and damages, as may be advised to it.” This drama isn’t new. Back in 2022, IDBI Bank had already filed a Section 7 plea to start the Corporate Insolvency Resolution Process (CIRP) against ZEE for the same alleged debt. But guess what? The NCLT dismissed that application on May 19, 2023. Not stopping there, IDBI appealed to the National Company Law Appellate Tribunal (NCLAT) in Delhi, but the appeal was also dismissed on April 7, 2025. ZEE remains confident, saying, “The company does not expect any financial implications from IDBI's plea.” So, will this fresh plea bring any change, or will it go the same way as the last ones? One thing is clear — the legal battle between IDBI Bank and ZEE just got spicier and is something all industry watchers will want to follow closely!

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Tags: Idbi bank, Zee entertainment, Insolvency, Nclt, Ibc, Debt default,