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NCLAT stays insolvency against Zee Entertainment on Punit Goenka plea

Goenka moved the NCLAT on Thursday, a day after the Mumbai bench of the NCLT admitted insolvency proceedings against Zee on a plea filed by IndusInd Bank -- a financial creditor of Zee

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(Photo: Bloomberg)

Viveat Susan Pinto Mumbai
The National Company Law Appellate Tribunal (NCLAT) on Friday stayed initiation of insolvency proceedings against Zee Entertainment (Zee), in a relief to the company. The move came after NCLAT heard the plea of Punit Goenka, MD and CEO of Zee, challenging the National Company Law Tribunal’s (NCLT’s) decision to allow the initiation of insolvency proceedings against the firm. The matter will be next heard on March 27.

Shares of Zee, on Friday, recovered on the BSE from intraday lows, after the NCLAT’s breather to the firm and closed at ~195.60 apiece, down 1.58 per cent versus the previous day's close.

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First Published: Feb 24 2023 | 2:15 PM IST

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