After Zee Entertainment Enterprises Ltd.’s insolvency news stirred the market, Punit Goenka, MD and CEO of the firm, approached the National Company Law Appellate Tribunal (NCLAT) seeking relief. As an update, the NCLAT has now reportedly agreed to hear Goenka’s appeal today, on February 24, 2023.
According to a Livemint.com report, Zee Entertainment’s petition for relief from insolvency proceedings has been scheduled for consideration by the NCLAT today. This comes in response to IndusInd Bank’s plea for insolvency proceedings against the company in the National Company Law Tribunal (NCLT).
The report adds that as per a formal statement from Zee Entertainment Enterprises Ltd., Punit Goenka appealed the NCLAT on February 23 in an effort to get the Mumbai bench ruling overturned. The official statement, as per the report, reads, “Goenka is taking all necessary steps as per law to protect the interests of all stakeholders of Zee Entertainment Enterprises (ZEEL) and to achieve a timely completion of the proposed merger with Culver Max Entertainment.”
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For those not familiar with the latter part of the statement, ZEEL and Sony are almost nearing a completion of their merger, a merger that is being seen as one of the biggest ones in the media and entertainment industry. However, as per experts, due to the insolvency proceedings against ZEEL, this merger with Sony may face some trouble.
Recently, even the National Stock Exchange (NSE) removed Zee Entertainment Enterprises from its futures and option (F&O) segment following the reports of insolvency proceedings.
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