Bankruptcy court admits Zee Entertainment under the insolvency resolution process

A dedicated bankruptcy court Wednesday admitted two of Essel Group’s listed companies, Zee Entertainment Enterprises (ZEEL) and Siti Network Ltd., for insolvency proceedings, likely creating hurdles in ZEEL’s merger with Culver Max Entertainment (Sony).

The Mumbai bench of the National Company Law Tribunal (NCLT), in two separate applications filed by the IndusInd Bank, has appointed Sanjeev Kumar Jalan, a partner in professional services firm BDO, and Mohit Mehra as resolution professionals for Zee Entertainment and Siti Network, respectively.