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NCLAT gives ZEE breather with stay on insolvency process

ZEE have been given extra time by India’s National Company Law Appellate Tribunal (NCLAT) for insolvency proceedings against them.

ZEE MD and CEO Punit Goenka appealed against the insolvency order last Wednesday, but the hearing will now be heard on 27th March 2023.

““We respect the decision taken by the Hon’ble National Company Law Appellate Tribunal (NCLAT) and remain committed towards protecting the interests of all stakeholders. Our focus continues to be on the timely completion of the proposed merger,” Goenka said in a statement.

IndusInd Bank is seeking payment over a default of INR890 million ($10.7 million). The proceedings are against against ZEE Entertainment Enterprises Limited (ZEEL) and group company Siti Network. Siti and ZEE are part of the Essel Group conglomerate.