NCLAT Stays Bankruptcy Court’s Insolvency Order Against Zee Entertainment

India’s National Company Law Appellate Tribunal (NCLAT) on Friday temporarily stayed the bankruptcy court’s insolvency order against Zee Entertainment Enterprises Ltd.

The division bench of Justice Ashok Bhushan and Technical Member Barun Mitra passed the order to stay the National Company Law Tribunal’s (NCLT) order following an application filed by Zee Entertainment Managing Director & Chief Executive Officer Punit Goenka.

The NCLT on 22 February had admitted an insolvency resolution petition against Zee Entertainment following a petition by the Indian media and entertainment company’s financial creditor IndusInd Bank. It also appointed Sanjeev Kumar Jalan, who looks after the restructuring practice at BDO India, as an interim resolution professional (IRP) of the company.

The bench in its oral order today directed IndusInd Bank to submit its response within two weeks, according to the NCLAT proceedings. The bankruptcy appellate tribunal granted Goenka two weeks to file his rejoinder in the case after the bank’s reply.

The NCLAT will now further hear the matter on 29 March.

Senior Advocate Mukul Rohatgi appeared for Goenka, while Senior Advocate Rajiv Nayar represented the private sector lender in the case.