The Mumbai bench of the National Company Law Tribunal (NCLT) on Wednesday admitted an insolvency petition against homegrown media company Zee Entertainment Enterprises Ltd (ZEE) filed by its financial creditor IndusInd Bank, under Section 7 of the Insolvency and Bankruptcy Code (IBC).
A bench led by justices H.V. Subba Rao and Madhu Sinha admitted the applications and appointed interim resolution professionals (IRPs) for both companies: Sanjeev Kumar Jalan for ZEE and Rohit Mehra for Siti Networks.
The development could delay or even derail the proposed merger between ZEE and Culver Max Entertainment (earlier Sony Pictures Networks India), legal experts said.
The bench rejected the ZEE counsel's request for a two-week stay on the order, stating there was no precedent for granting such a request.
ZEE will challenge the order in the National Company Law Appellate Tribunal (NCLAT) as it feels that due process was not followed by the tribunal, a person aware of the matter said.
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