NCLAT stays insolvency proceedings against Zee Entertainment

The National Company Law Appellate Tribunal on Friday stayed the insolvency proceedings against media major Zee Entertainment Enterprises Ltd (ZEEL).

Admitting a plea by ZEEL Managing Director and chief executive Punit Goenka, a two-member NCLAT bench stayed the order passed by the Mumbai bench of the National Company Law Tribunal (NCLT).

On Wednesday, NCLT admitted an insolvency plea against ZEEL by private sector lender IndusInd Bank and also appointed Sanjeev Kumar Jalan as the resolution professional in the matter.