Zee Entertainment insolvency: CEO Punit Goenka moves NCLAT for relief

The admission of insolvency proceedings against Zee, say lawyers, will delay the company's proposed merger with Sony

A day after the Mumbai Bench of the National Company Law Tribunal (NCLT) admitted Zee Entertainment Enterprises (Zee) for insolvency resolution, the company’s managing director and chief executive officer, Punit Goenka, moved the National Company Law Appellate Tribunal (NCLAT) on Thursday, seeking relief against the order.

In a statement, Goenka’s office said he was taking all necessary steps to protect the interests of Zee stakeholders and achieve timely completion of the proposed merger with Culver Max Entertainment (formerly Sony Pictures Networks India).

“Zee is a debt-free and financially strong company, and believes in value creation for its stakeholders,” the statement said.

Zee posted