Zee Entertainment Enterprises Ltd on Monday said it has entered into a settlement agreement with the Indian Performing Right Society (IPRS). As per the agreement, IPRS will withdraw its insolvency petition filed against the company.

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Indian Performing Right Society (IPRS), an operational creditor, in January 2023, filed an application at the NCLT-Mumbai to initiate corporate insolvency resolution process against Zee Entertainment. It claimed debt and default of Rs 211 crore towards royalty payable for utilisation of literary and musical works.

IPRS is also the representative body of music owners and composers that collects a royalty on behalf of artistes.

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Zee Entertainment in a regulatory filing, said, “Company and IPRS have entered into a settlement agreement 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.”

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.

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First Published:Mar 6, 2023 10:01 PM IST