Zee Entertainment, IndusInd Bank settle loan default dispute

Zee Entertainment Enterprises Ltd and IndusInd Bank Ltd told an Indian tribunal on Wednesday that they have settled a dispute over a loan default, paving the way for the media company’s merger with a local unit of Sony.

IndusInd started bankruptcy proceedings against Zee Entertainment late last month over a default of 830.80 million rupees ($10.10 million).

Zee Entertainment challenged the move in the National Company Law Appellate Tribunal (NCLAT), which put the insolvency proceedings on hold.

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IndusInd Bank, on Wednesday, told the NCLAT that it would also withdraw its objection to Zee Entertainment’s merger with a local unit of Japan’s Sony. Zee Entertainment’s shares jumped as much as 4.4% to a nearly one-week high.