NCLAT hears Zee CEO Punit Goenka's appeal against NCLT insolvency order today

Punit Goenka’s appeal against National Company Law Tribunal (NCLT) order is listed to be heard today at 10:30 am at National Company Law Appellate Tribunal (NCLAT).

Punit Goenka, CEO of Zee Entertainment Enterprises, has approached the National Company Law Appellate Tribunal seeking relief against the company's admission to insolvency.

The Mumbai Bench of the National Company Law Tribunal (NCLT) Wednesday admitted private sector lender IndusInd Bank's insolvency plea against Zee Entertainment Enterprises Ltd (ZEEL).

The case would be heard by Justice Ashok Bhushan, the Chairperson and Barun Mitra, Member (Technical). The counsel representing Goenka at the tribunal is Aman Gandhi.

Thursday Zee Entertainment said in a statement, “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.”

NCLT admitted an insolvency plea after IndusInd Bank before the NCLT claimed a default of Rs 83.08 crore against the media and entertainment firm. Under Section 7 of IBC, a financial creditor may move NCLT for initiation of CIRP over default of Rs 1 crore and above.

According to the filing, ZEEL is a party to the Debt Service Reserve Account (DSRA) Guarantee Agreement entered into with IndusInd Bank for the term-loan facility advanced to another Essel Group firm, Siti Networks Ltd.

Siti Networks, formerly known as Wire and Wireless Ltd, is a multi-system operator promoted by media baron Subhash Chandra-led Essel Group.

Info@BestMediaInfo.com