The National Company Law Tribunal (NCLT) has admitted an insolvency plea by IndusInd Bank against Zee Entertainment Enterprises Ltd — which may have implications on Zee’s proposed merger with Sony.

The private-sector lender has claimed a default of Rs 83.08 crore against the Essel group firm.

The tribunal has reportedly appointed Sanjay KumarJhalani as the interim resolution professional. Under the provisions of the Insolvency and Bankruptcy Code(IBC), a financial creditor can drag a company to the NCLT for default of over Rs 1 crore and above.

IndusInd Bank has contended that Zee has not fulfilled its obligation under adebt service reserve account agreement between the lender and Siti Networks (an Essel group firm) to which Zee was a party.

The bank has claimed that Zee had guaranteed a Rs 150- crore loan to Siti, which was always expected to maintain an amount equal to one quarter’s interest and one quarter’s principal in the account to service its debts.

IndusInd said Zee had guaranteed to maintain such an amount, and it failed to do. The bank maintained that Siti has failed to maintain the account since September 2019.

In December last year, another lender — IDBI Bank — had moved the tribunal against Zee and it had sought an insolvency proceeding to recover dues of Rs 149.60 crore. Zee, however, disputed the claim.

“The bank’s purported claim arises under a debt service reserve agreement entered into by the bank and Zee for the financial facility availed by Siti Networks. ZEEL is vehemently disputing the bank’s claim in other proceedings filed by the bank against the company for recovery of its alleged dues,” the company had said.

Zee shares on Wednesday ended at Rs 205.90 — a fall of 2.39 per cent over Tuesday’s close on the BSE.