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Indian Performing Right Society moves NCLT against Zee Entertainment, files insolvency plea claiming Rs 211-cr dues

The Indian Performing Right Society (IPRS) Ltd has moved the insolvency tribunal NCLT towards Zee Leisure Enterprise Ltd, claiming a default of Rs 211.41 crore, the media main stated in a regulatory submitting. Nonetheless, Zee Entertainment Enterprise Ltd (ZEEL) added that it “shall be submitting its reply rejecting the declare on, inter alia, the bottom that there’s a pre-existing dispute between the events on the claimed quantity… ”

IPRS, which is a non-profit society comprising authors, composers and music publishers, had filed an utility beneath Part 9 of the Insolvency and Chapter Code (IBC) 2016, as an operational creditor claiming dues in direction of royalty payable for utilisation of “literary and musical works”.

“A Petition has been filed towards the Firm beneath Part 9 of the IBC by the IPRS, an Operational Creditor, earlier than the NCLT, Mumbai Bench for initiation of Company Insolvency Decision Course of towards the corporate, claiming a debt and default of Rs 211.41 crore in direction of royalty payable for utilization of ‘literary and musical works’,” ZEEL stated.

Nonetheless, ZEEL added that the declare is just not in “consonance with the interpretation of the legislation” on the purpose of fee of royalties for “literary and musical works” by the Delhi Excessive Courtroom, and therefore, the “claimed quantity is just not due or payable to IPRS”.

IPRS authorises use of copyrighted music by customers by issuing them licences and acquire royalties on behalf of IPRS members — authors, composers and publishers of music. Royalty is distributed amongst members after deducting IPRS’s administrative prices.

Final month,

moved the Nationwide Firm Legislation Tribunal (NCLT) towards ZEEL in search of to provoke insolvency proceedings towards the media agency to get well dues.

IDBI Financial institution has claimed dues of Rs 149.60 crore, which has been disputed by ZEEL, as per a regulatory replace from the media agency.
ZEEL had earlier introduced a merger with rival Culver Max Leisure (earlier Sony Pictures Network India) in December 2021. The merger has been authorised by the Competitors Fee of India (CCI) with sure circumstances together with different our bodies resembling NSE and BSE.

Its shareholders and collectors have already authorised the merger.

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