Last Updated: February 24, 2023, 12:52 IST
On Wednesday, NCLT admitted a insolvency plea towards ZEEL by personal sector lender IndusInd Bank and in addition appointed Sanjeev Kumar Jalan because the decision skilled within the matter.
NCLAT points a discover to IndusInd Bank and the decision skilled directing them to file a reply and listed the matter on March 29 for closing disposal
The National Company Law Appellate Tribunal on Friday stayed the insolvency proceedings towards media main Zee Entertainment Enterprises Ltd (ZEEL). Admitting a plea by ZEEL Managing Director and chief govt Punit Goenka, a two-member NCLAT bench stayed the order handed by the Mumbai bench of the National Company Law Tribunal (NCLT).
On Wednesday, NCLT admitted a insolvency plea towards ZEEL by personal sector lender IndusInd Bank and in addition appointed Sanjeev Kumar Jalan because the decision skilled within the matter. On Friday, NCLAT issued a discover to IndusInd Bank and the decision skilled directing them to file a reply and listed the matter on March 29 for closing disposal.
The matter pertains to a default of Rs 89 crore by Zee Group’s multisystem operator arm Siti Networks claimed by IndusInd Bank, for which ZEEL was a guarantor. The personal sector lender has additionally filed a separate insolvency petition towards Siti Networks at NCLT. The tribunal has appointed Mohit Mehra because the decision skilled on this matter.
The improvement comes at a time when ZEEL is at superior phases of merging with Culver Max Entertainment (Sony) in one of many greatest offers within the media and leisure sector.
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