Mumbai: The National Company Law Tribunal (NCLT) has dismissed the insolvency petition filed by IDBI against Zee Entertainment.

In December 2022, IDBI Bank had filed an insolvency plea against the media conglomerate for initiating a corporate insolvency resolution process (CIRP).

The bank cited the debt service reserve agreement that it entered into with the company for the financial facility availed by Essel Group’s Siti Networks. IDBI Bank, Axis Finance, IndusInd Bank and many other creditors had approached the NCLT door against the Zee-Sony merger.

In April, Zee entered into talks with its creditors, including IDBI Bank, to repay its dues in tranches to expedite the broadcaster’s merger with Sony.