The Indian Performing Rights Society (IPRS), an operational creditor of Zee Entertainment Enterprises Ltd., has filed an application at the National Company Law Tribunal in Bombay to initiate corporate insolvency resolution process against the company, claiming a debt and default of Rs. 211 crore towards royalty payable for utilisation of literary and musical works. Zee said, it will be filing its reply, rejecting the claim on the ground that there is a pre-existing dispute between them on the claimed amount.
On December 14 last year, Zee had said that the IDBI, a financial creditor, had moved NCLT-Bombay, seeking bankruptcy proceedings against the company to recover dues of Rs. 150 crore. The company had disputed that claim too.