ZEEL CEO Punit Goenka Files An Appeal With NCLAT: Reports

In order to challenge the decision made by the Mumbai bench of the National Company Law Tribunal (NCLT) in relation to an insolvency claim brought against the company, Punit Goenka, MD & CEO of Zee Entertainment Enterprises (ZEEL), has filed an appeal with the National Company Law Appellate Tribunal (NCLAT).

“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). Goenka is taking all the necessary steps as per law, to protect the interests of all stakeholders of Zee Entertainment Enterprises (ZEE) and to achieve the timely completion of the proposed merger with Culver Max Entertainment. 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,” reads a statement from the company. 

The IndusInd Bank, ZEE's financial creditor, filed an insolvency petition against ZEE pursuant to Section 7 of the Insolvency and Bankruptcy Code (IBC), which was accepted by the NCLT bench on Wednesday (IBC). The merger of ZEE and Sony was put on hold when the insolvency petition was admitted. If a corporation admits to being insolvent, a moratorium takes effect, prohibiting the transfer of any assets, according to IBC.

IndusInd Bank asserted a default of Rs 83.08 crore against the media and entertainment company in their complaint, which was submitted in February 2022.