NCLT admitsIBC proceedings against ZEEL, Siti Networks

Mumbai: The National Company Law Tribunal (NCLT) has admitted an Indusind Bank plea for insolvency proceedings against Zee Entertainment Enterprises Ltd (ZEEL).The division bench of judicial member HV Subba Rao and technical member Madhu Sinha on Wednesday also appointed Sanjeev Kumar Jalan as the resolution professional in the matter. The matter pertains to a default of Rs89 crore by Zee Group's multisystem operator arm Siti Networks claimed by Indusind Bank, for which ZEEL was a guarantor. The private sector lender has also filed a separate insolvency petition against Siti Networks at the NCLT.