Bombay HC dismisses Zee promoters petition challenging loan default order
Zee promoters Cyquator Media, Essel Corporate Llp and Direct Media Distribution Ventures in their petition, claimed that the order would cause them ‘grave prejudice’.
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The review petition filed by the promoters of Zee Entertainment Enterprises Ltd (ZEEL) challenging a December 2023 order in a loan default case was dismissed by the Bombay High Court on Wednesday.
Zee promoters Cyquator Media, Essel Corporate Llp and Direct Media Distribution Ventures in their petition, claimed that the order would cause them ‘grave prejudice’.
On December 11, the Supreme Court issued a notice to Essel group firms, Cyquator Media Services and Direct Media Distribution Ventures, in response to an appeal by IDBI Trusteeship Services. The appeal challenges a National Company Law Appellate (NCLAT) order that dismissed its insolvency plea against the two companies.
Cyquator Media Services, affiliated with Zee Entertainment Enterprises Ltd (ZEEL), is among the companies under scrutiny.
Chief Justice of India (CJI) DY Chandrachud-led bench has granted the firms a four-week period to provide their responses to the notice.
