In relief for Zee, NCLAT puts stay on insolvency proceedings

In major relief for Zee Entertainment Ltd (ZEEL), the National Company Law Appellate Tribunal (NCLAT) Friday stayed the insolvency proceedings against the company initiated by the National Company Law Tribunal (NCLT).

The move came after NCLAT heard the plea of Punit Goenka, MD and CEO of ZEEL, challenging the insolvency proceedings that put merger plans with Sony at risk.

“We wish to update you that an appeal was filed by Punit Goenka before the National Company Law Appellate Tribunal challenging the order dated February 22, 2023 passed by the National Company Law Tribunal, Mumbai Bench,” the company said in an exchange filing.