Punit Goenka moves NCLAT against NCLT Mumbai order initiating insolvency process against Zee

IndusInd had approached NCLT against Zee for resolution of a total financial debt of ₹92,74,25,742 (over ninety crore).

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.

Source: Barandbench