IndusInd Bank Limited, the Financial Creditor, filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Zee Entertainment Enterprises Limited, the Corporate Debtor, for a total financial debt of Rs. 92,74,25,742.00. The Corporate Guarantor, ZEEL, was directed to file a reply. However, instead of filing a reply, ZEEL filed I.A. 1378/2022 challenging the maintainability of the Company Petition. A conditional order was passed directing the Respondent to file a reply, failing which their right to file a reply would be forfeited. Despite this, ZEEL did not file a reply and contended that they need not file a reply until their maintainability application was decided. ZEEL
…IndusInd Bank Limited filed a Company Petition seeking to initiate CIRP against Zee Entertainment Enterprises Limited (ZEEL) due to a financial debt of Rs. 92,74,25,742.00. ZEEL, as the Corporate Guarantor, was directed to file a reply but instead filed I.A. 1378/2022 challenging the maintainability of the petition. A conditional order was passed requiring ZEEL to file a reply within two weeks, failing which their right to reply would be forfeited. ZEEL did not comply and filed I.A. 742/2022 to delete an earlier order. The court dismissed both I.A. 1378/2022 and I.A. 742/2022. The key fact is ZEEL's failure to file a reply and its attempt to challenge the maintainability of the petition through interlocutory applications, which were ultimately dismissed. This led to
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The Corporate…
A conditional order was passed directing the…
IndusInd Bank Limited, the Financial Creditor, filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Zee Entertainment Enterprises Limited, the Corporate Debtor, for a total financial debt of Rs. 92,74,25,742.00. The Corporate Guarantor, ZEEL, was directed to file a reply. However, instead of filing a reply, ZEEL filed I.A. 1378/2022 challenging the maintainability of the Company Petition. A conditional order was passed directing the Respondent to file a reply, failing which their right to file a reply would be forfeited. Despite this, ZEEL did not file a reply and contended that they need not file a reply until their maintainability application was decided. ZEEL
…IndusInd Bank Limited filed a Company Petition seeking to initiate CIRP against Zee Entertainment Enterprises Limited (ZEEL) due to a financial debt of Rs. 92,74,25,742.00. ZEEL, as the Corporate Guarantor, was directed to file a reply but instead filed I.A. 1378/2022 challenging the maintainability of the petition. A conditional order was passed requiring ZEEL to file a reply within two weeks, failing which their right to reply would be forfeited. ZEEL did not comply and filed I.A. 742/2022 to delete an earlier order. The court dismissed both I.A. 1378/2022 and I.A. 742/2022. The key fact is ZEEL's failure to file a reply and its attempt to challenge the maintainability of the petition through interlocutory applications, which were ultimately dismissed. This led to
…The Corporate…
A conditional order was passed directing the…