Zee settles disputes with IPRS

IPRS has withdrawn its insolvency petition against Zee Entertainment Enterprises (Zee) following an agreement between the company and the music artists' body.
According to a regulatory filing, the ZEE Entertainment Enterprises CEO Punit Goenka said no penalty is paid to IPRS. Despite a settlement agreement with IPRS, the company did not disclose its terms. The NCLT-Mumbai received an insolvency petition filed by IPRS against Zee in January.
After the media major failed to pay a Rs-211-crore royalty payment , the court took this action. According to Zee, there was a pre-existing dispute between IPRS and Zee over the claimed amount at the time.