The National Company Law Appellate Tribunal (NCLAT) on Monday disposed of an appeal filed by the promoters of Zee Entertainment after the company settled its dues with IndusInd Bank. Punit Goenka, managing director (MD) of Zee Entertainment Enterprises (ZEEL) approached the appellate tribunal in February to challenge the National Company Law Tribunals order to admit the company under the Corporate Insolvency Resolution Process.
Best Media Info: The settlement with IndusInd Bank will be a significant reprieve for ZEEL, merging with rival Culver Max Entertainment, formerly Sony Pictures Networks India| Television News
Best Media Info: Punit Goenka, CEO of Zee Entertainment Enterprises, has approached the National Company Law Appellate Tribunal seeking relief against the company's admission to insolvency| Television News
The appellate bench led by Justice Ashok Bhushan and Justice Barun Mitra asked IndusInd Bank, a financial creditor which had initiated the bankruptcy petition, to file its reply in two weeks
IndusInd Bank, one of Zee’s financial creditors, in February 2021 had moved a section 7 application before the NCLT to initiate insolvency proceedings against the media firm, seeking a resolution of total financial debt of ₹92 crore