Insolvency Plea: ZEEL CEO Punit Goenka moves NCLAT over NCLT order

The company, in a statement, said it is debt-free and believes in value creation for its stakeholders

by exchange4media Staff
Published: Feb 23, 2023 3:42 PM | 2 min read

Punit Goenka, MD & CEO of Zee Entertainment Enterprises Ltd (ZEEL), has filed an appeal in the National Company Law Appellate Tribunal (NCLAT) today, seeking relief against the order passed by the Mumbai bench of the National Company Law Tribunal (NCLT) in connection with an insolvency plea filed against the company.
“Mr. Punit Goenka has filed an appeal in the Hon’ble National Company Law Appellate Tribunal (NCLAT) today, seeking relief against the order passed by the Mumbai bench of the National Company Law Tribunal (NCLT). Mr. Goenka is taking all the necessary steps as per law, to protect the interests of all stakeholders of Zee Entertainment Enterprises Ltd. (ZEE) and to achieve a timely completion of the proposed merger with Culver Max Entertainment Pvt. Ltd. Mr. Goenka firmly believes in the potential of the merger, to deliver immense value to all stakeholders. ZEE is a debt-free & financially strong company, and believes in value creation for its stakeholders,” read a statement from the company.

The NCLT bench on Wednesday admitted an insolvency petition against ZEE filed by its financial creditor IndusInd Bank, under Section 7 of the Insolvency and Bankruptcy Code (IBC), , under Section 7 of the Insolvency and Bankruptcy Code (IBC). The admission of the insolvency petition brought to a standstill the merger of ZEE and Sony. According to IBC, once a company is admitted to insolvency, moratorium kicks in barring any transfer of assets.
IndusInd Bank, in its plea filed in February 2022, claimed a default of Rs 83.08 crore against the media and entertainment firm.