Zee, IndusInd Bank announce settlement of all dues, NCLAT closes insolvency case

The National Company Law Appellate Tribunal (NCLAT) on Monday disposed of the appeal filed by Zee Entertainment Enterprise promoters after the media major reached a settlement with IndusInd Bank following payment of all dues to the financial creditor.

A joint application was moved by Punit Goenka, Managing Director and CEO of ZEE Entertainment Enterprise Ltd (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.

On this, a two-member NCLAT bench comprising Chairperson Justice Ashok Bhushan and Member Barun Mitra said: "In view of the settlement agreement between the parties nothing survives to be decided in the appeal." 

"Impugned order dated 22.02.2023 is set aside. CIRP against the Corporate Debtor is closed," it said further.