Punit Goenka moves NCLAT against NCLT Mumbai order initiating insolvency process against Zee : NCLAT
The NCDRC passed a judgement on 22nd February, 2023 This was seen in the case of Zee Entertainment Enterprises Ltd v. IndusInd Bank Ltd. I.A. 742/2022 and the case was presided over by Hon’ble H.V. Subba Rao, Member (Judicial) Hon’ble Madhu Sinha, Member (Technical)
FACTS OF THE CASE:
Managing Director and Chief Executive Officer of Zee Entertainment Enterprises Punit Goenka has approached the National Company Law Appellate Tribunal (NCLAT) at New Delhi against an order of the National Company Law Tribunal (NCLT) Mumbai initiating the Corporate Insolvency Resolution Process (CIRP) against the media company.The Petition is filed by INDUSIND BANK LIMITED hereinafter called as Financial Creditor seeking to initiate of Corporate Insolvency Resolution Process (CIRP) against ZEE ENTERTAINMENT ENTERPRISES LIMITED called as Corporate Debtor by invoking the provisions of Section 7 Insolvency and Bankruptcy code (hereinafter called “Code” read with rule 4 of Insolvency & Bankruptcy Rules, 2016 for a Resolution of total Financial Debt of Rs. 92,74,25,742.00/.
ORDER
Zee then filed a cross application challenging the maintainability of the petition by the bank. However, the Tribunal rejected the cross application filed by Zee and allowed IndusInd’s petition. The Tribunal had also rejected the oral request by Zee to stay the order for a period of two weeks.
On February 22, an NCLT Bench of Judicial Member Justice HV Subba Rao and Technical Member Madhu Sinhathe had passed an order allowing an application filed by IndusInd Bank under the Insolvency and Bankruptcy Code (IBC) seeking CIRP proceedings against Zee.
This order has been challenged by Goenka in NCLAT through a petition filed on February 23. The same is yet to be listed for hearing.
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Order reviewed by Drishti verma