Zee Entertainment Enterprises Ltd. said IDBI Bank filed a petition to initiate corporate insolvency resolution process (CIRP) against the company, claiming a default of about 150 crore rupees ($18 million).

IDBI Bank, claiming to be a financial creditor, filed the petition before the Mumbai bench of the National Company Law Tribunal (NCLT), the Indian media and entertainment company said in a stock exchange announcement.

The lender submitted the petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), it added.

Zee said IDBI Bank’s purported claim arises under a debt service reserve agreement signed by the bank and the company for the financial facility availed by Siti Networks Ltd., a part of the Essel Group.

The company is vehemently disputing IDBI Bank’s claim in other proceedings filed by the bank against Zee for recovery of its “alleged” dues, it noted.

(Note: 1$ = 82.5300 Indian rupees)