ZEEL CEO Punit Goenka moves NCLAT over insolvency case

Zee Entertainment Enterprises Ltd (ZEEL) MD and CEO Punit Goenka has filed an appeal in the National Company Law Appellate Tribunal (NCLAT) seeking relief from an order issued by the Mumbai bench of the National Company Law Tribunal (NCLT) in connection with an insolvency petition filed against the company.

ZEEL MD and CEO Punit Goenka’s office released a statement saying, “ Mr. Punit Goenka has filed an appeal in the Hon’ble National Company Law Appellate Tribunal (NCLAT) today, seeking relief against the order passed by the Mumbai bench of the National Company Law Tribunal (NCLT). 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 Pvt. Ltd. Mr. Goenka firmly believes in the potential of the merger, to deliver immense value to all stakeholders. ZEE is a debt-free & financially strong company, and believes in value creation for its stakeholders.”

On Wednesday, Zee Entertainment Enterprises Ltd. was given permission to begin insolvency proceedings by the National Company Law Tribunal’s Mumbai bench.

The order was issued in response to a petition filed by IndusInd Bank Ltd. after the company failed to meet its obligations under a Debt Service Reserve Account Agreement between the bank and Siti Networks Ltd., to which Zee was also a party.

Siti Networks is a subsidiary of the Essel Group. Financial Express