ZEE settles dispute with IPRS, insolvency petition withdraw by artist body
Leading broadcaster ZEE Entertainment Enterprises Ltd (ZEEL) on Monday said it has "mutually" settled disputes with the Indian Performing Rights Society (IPRS) and the insolvency petition filed against by the latter has been withdrawn before NCLAT.
"The Company and IPRS have mutually entered into the settlement agreement today on such agreed terms by which all disputes and claims have been settled between the Company and IPRS and accordingly IPRS has agreed to withdraw the aforesaid insolvency petition filed by them," a regulatory filing by ZEEL said.
Though ZEEL has not shared the terms and conditions of settlement but said it is "as per the settlement agreement entered into by the Company and IPRS.
"There is no penalty paid and no material impact on the financial position of the Company," it said.
Earlier this January, IPRS moved the insolvency tribunal NCLT against ZEEL claiming a default of Rs 211.41 crore.
IPRS, which is a non-profit society comprising authors, composers and