NCLAT stays insolvency proceedings against Zee Entertainment

The National Company Law Appellate Tribunal (NCLAT) granted interim relief to Zee Entertainment Enterprises Ltd (ZEEL) on February 24 and stayed the order directing the initiation of insolvency proceedings against the media and entertainment firm.

The appellate tribunal further issued notice to IndusInd Bank on plea by Zee managing director Punit Goenka and said it will hear the case again on March 29.

Zee also said in the NCLAT that in the NCLT hearing, it was not allowed a hearing to defend its position, hence it appealed to set side the order on initiation of insolvency.

“Respect the decision by NCLAT, we remain committed to protecting interests of all stakeholders. Focus continues to be on timely completion of Sony merger,” Goenka said post the hearing.

In reaction, the stock price of ZEEL recovered from intraday low of Rs 190 and broke into the green. At 12:50 pm, the stock was up nearly 2 percent and was trading at Rs 201.90 a piece on the National Stock Exchange. Moneycontrol