Earlier on February 24, the NCLAT stayed the insolvency proceedings initiated against ZEEL. Admitting a petition filed by ZEEL Managing Director and Chief Executive Officer Punit Goenka, the appellate tribunal issued notices to private sector lender IndusInd Bank and the interim resolution professional directing them to file a reply in two weeks. On February 22, the Mumbai bench of the National Company Law Tribunal (NCLT) had admitted a plea filed by IndusInd Bank to initiate insolvency proceedings against ZEEL. It had also appointed an interim resolution professional after suspending the board.