The National Company Law Tribunal’s (NCLT’s) declaration that Zee Entertainment is bankrupt adds a new measure of uncertainty to the proposed merger with Sony. Three entities — Aditya Birla Finance, IndusInd Bank and YES Bank — have filed appeals in the NCLT for recoveries of Rs 130 crore, Rs 90 crore and Rs 540 crore, respectively. The money was borrowed by a related party – Siti cable – and not returned. Zee was a corporate guarantor.
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