NCLAT stays insolvency proceedings against media firm : Report

As reported by livemint.com, The National Company Law Appellate Tribunal (NCLAT) on Friday has extended the stay on the judgement directing the start of insolvency proceedings against Zee Entertainment Enterprises.  The move came after NCLAT heard plea of Punit Goenka, chief executive of Zee, challenging insolvency proceedings against the company.

Applauding the NCLAT, Goenka said: "Be steadfast in your commitment to defending the interests of all parties. Our priority is still the proposed merger's prompt completion."

Regarding the argument Goenka made, the tribunal has sent a notice to private sector lender IndusInd Bank. The matter will be heard by NCLAT again on March 27.

The matter pertains to a default of ₹89 crore by Zee Group's multisystem operator arm Siti Networks claimed by private sector lender IndusInd Bank, for which ZEEL was a guarantor.