NCLAT stays insolvency proceedings against Zee

In a major relief to media major Zee Entertainment Enterprises Ltd (ZEEL), the National Company Law Appellate Tribunal (NCLAT) on Friday stayed the insolvency proceedings initiated against it earlier this week.

Admitting a petition filed by ZEEL Managing Director and chief executive Punit Goenka, the appellate tribunal issued notices to private sector lender IndusInd bank and the interim resolution professional directing them to file a reply in two weeks.

NCLAT said the submissions made by both sides need a detailed hearing.

“List the appeal for final disposal on March 29. In the meantime, the order passed by the adjudicating authority on February 22, 2023 remains stayed,” said the NCLAT bench comprising Chairperson Justice Ashok Bhushan and Barun Mitra.