It had to do with Siti Networks, a multisystem operator division of the Essel Group, not paying its bills on time. Loans made by Siti Networks were guaranteed by ZEEL. IndusInd Bank requested that ZEEL be put into bankruptcy in February of last year, stating that the media and entertainment company had defaulted on payments totaling Rs 83.08 crore. The Bombay bench of the NCLT heard the request. The NCLT accepted the plea and instructed ZEEL to start the insolvency process by choosing an interim resolution specialist. Puneet Goenka, the managing director and chief executive of ZEEL, then filed a petition with the appellate panel NCLAT to contest the NCLT's ruling. The proceedings were suspended on February 24 by the National Company Law Appellate Tribunal (NCLNCLAT). The settlement was communicated to NCLAT by both parties on March 29.