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Zee Entertainment Enterprise Ltd (ZEEL) announced that it settled all its dues to IndusInd Bank on June 30.
The National Company Law Tribunal (NCLT) has set aside its earlier order allowing ZEEL to be admitted to insolvency.
Also read: SEBI ban on Punit Goenka throws hurdle for Zee-Sony merger
The tribunal has also directed both the parties to pay the cost that the interim resolution professional incurred in the brief period where it was under the resolution process.
In March 2023, both the parties informed NCLAT that they reached a settlement and the payments will be made by June 30 or within 7 days of the merger with Sony.
The money has been paid as per the agreement, lawyers informed NCLAT.
IndusInd informed the tribunal that it will withdraw its objections to the Zee-Sony merger scheme.
The share price of ZEEL was trading 1.72% higher at ₹180.40 at 1.52 am on NSE.
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