MUMBAI: The National Company Law Appellate Tribunal (NCLAT) on Monday disposed of the appeal filed by ZEE Entertainment Enterprise Ltd (ZEEL) promoters after the media major reached a settlement with IndusInd Bank following payment of all dues to the financial creditor.
The latest development comes as a relief for the promoters of Zee Entertainment who are under pressure after the Securities and Exchange Board of India (Sebi) passed an interim order which barred Punit Goenka and Subhas Chandra from holding any key positions.
ZEEL is merging with rival Culver Max Entertainment Pvt Ltd, formerly known as Sony Pictures Networks India, which will create India’s biggest media empire. A joint application was moved by Punit Goenka, Managing Director and CEO of ZEEL, and IndusInd Bank bringing on record the settlement agreement dated March 29, 2023 reached between the financial creditor and the leading media & entertainment firm.
Counsel appearing for the parties submitted that as per the settlement agreement, all payments have been made before June 30, 2023. They also requested to close the Corporate Insolvency Resolution Process against ZEEL.