Zee Entertainment Enterprises Ltd. and its lender IndusInd Bank signed an agreement to settle all disputes and claims between the parties.

The media and entertainment company and IndusInd Bank have mutually entered into the settlement agreement on such agreed terms by which all their disputes and claims have been settled, Zee said in a stock exchange announcement today.

There’s no penalty paid and no material impact on the financial position of the company, it added.

Zee, which was exploring several strategies, including settlement of IndusInd Bank’s dues, didn’t disclose the financial and other details of the agreement.

Media reports earlier said Zee was ready to repay $10 million to IndusInd Bank to seal the company’s merger deal with Sony’s India unit.

India’s National Company Law Tribunal (NCLT) on 22 February had admitted an insolvency resolution petition against Zee following a petition by its financial creditor IndusInd Bank.

Zee, however, later received an interim relief from the National Company Law Appellate Tribunal (NCLAT) on the bankruptcy court’s insolvency order following an application filed by the company’s Managing Director & Chief Executive Officer Punit Goenka.

The NCLAT, which stayed insolvency order against Zee and sought response from the parties, was scheduled to hear the matter on 29 March.

Earlier this month, Zee received relief in another insolvency process after the NCLT allowed Indian Performing Right Society Ltd. (IPRS) to withdraw its bankruptcy petition against the company. The development came after the parties reached a settlement.

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