NCLAT disposes of appeal as Zee Entertainment and IndusInd Bank announce settlement

3 Jul 2023 , 01:53 PM

The National Company Law Appellate Tribunal (NCLAT) has disposed off the appeal of Zee Entertainment and IndusInd Bank as the former made all the payments due to later on June 30.

In March 2023, the parties informed the NCLAT that they have reached a settlement, wherein payment obligations were agreed upon, to be fulfilled by June 30 or within 7 days of the completion of the Sony merger. As per the settlement agreement, a certain amount has already been paid in March 2023, as per the information provided by the lawyers to the NCLAT.

The National Company Law Tribunal (NCLT) order allowing Zee Entertainment to be admitted to insolvency has been permanently overturned by the National Company Law Appellate Tribunal (NCLAT). Additionally, the tribunal has instructed both parties to bear the costs incurred by the interim resolution professional during the brief period of the resolution process.

The NCLAT ruled that the Zee-Sony merger scheme can proceed without the ongoing litigation. IndusInd Bank also confirmed its withdrawal of objections to the merger scheme. The tribunal has scheduled a hearing on July 3 to report the completion of the settlement.