Zee Leisure Enterprises Ltd. advised the exchanges on Thursday that it settled all disputes and claims with its operational creditor—the Indian Performing Proper Society Ltd.

Subsequently, the insolvency petition and an objection filed by the IPRS in opposition to the media firm has been disposed of by NCLT as withdrawn. Zee mentioned the ultimate disposal orders dated March 9 have been made obtainable on Thursday.

Zee had entered a settlement settlement with the IPRS on March 6 for an amicable decision of all disputes and claims between the 2 entities.

In January, the IPRS had approached the Mumbai bench of the Nationwide Firm Regulation Tribunal for initiation of insolvency proceedings in opposition to Zee over a debt and default of Rs 211.4 crore in the direction of royalty payable for utilisation of literary and musical works.

“There is no such thing as a penalty paid and no materials affect on the monetary place of the corporate,” Zee mentioned.