Mumbai : On Monday, Zee Entertainment Enterprises Ltd (ZEEL)  announced that it has reached an agreement with the Indian Performing Right Society (IPRS), the representative body of music owners and composers that collects royalties on behalf of artists.

IPRS has also agreed to withdraw its insolvency petition against Zee Entertainment, according to ZEEL

IPRS filed an insolvency petition against ZEEL in January 2023 for alleged nonpayment of Rs 211 crore in dues.

“The Company and Indian Performing Right Society Limited (“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. “ said the press release by the company.

“Settlement terms are 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”, added ZEEL

IPRS had in January filed an insolvency plea against ZEEL for alleged non-payment of dues of around Rs 211 crore.

IndusInd , IDBI and Axis Bank are other cases pending in the NCLT; settlement of cases will expedite merger process.