Punit Goenka files plea with NCLAT against ZEE insolvency order

Punit Goenka has filed an appeal in the National Company Law Appellate Tribunal (NCLAT) today, seeking relief against the order passed by the Mumbai bench of the National Company Law Tribunal (NCLT) which allowed IndusInd Bank to initiate insolvency proceedings against Zee Entertainment.

“Mr Goenka is taking all the necessary steps as per law, to protect the interests of all stakeholders of Zee Entertainment Enterprises Ltd (ZEE) and to achieve a timely completion of the proposed merger with Culver Max Entertainment. Mr Goenka firmly believes in the potential of the merger, to deliver immense value to all stakeholders. ZEE is a debt-free and financially strong company, and believes in value creation for its stakeholders,” the office of Punit Goenka said in a statement.

Zee Entertainment stocks were under pressure since morning after NCLT allowed a petition by IndusInd to initiate debt resolution process against the media company. The move could jeopardise the merger between Zee and Sony. The Hindu BusinessLine