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.
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.
It proceeded to appoint Sanjeev Kumar Jalan, Partner at BDO India LLP, as an interim resolution professional. BDO is an international network of accounting, tax and advisory firms.
This prompted Goenka to approach the NCLAT in appeal.
Source: Barandbench
