The National Company Law Appellate Tribunal (NCLAT) on Monday (Apr 7) dismissed an appeal filed by IDBI Bank challenging the order of the National Company Law Tribunal (NCLT) which dismissed an insolvency plea against Zee Entertainment Enterprises Limited (ZEEL). NCLAT is the appellate body for the decisions of the bankruptcy court NCLT.
As per Bar and Bench, the matter relates to an agreement signed on August 3, 2012, in which ZEEL was a corporate guarantor for a working loan facility provided by IDBI Bank to Siti Networks Ltd. Later, Siti Networks defaulted on the loan facility of Rs 149.6 crore, after which IDBI Bank filed an insolvency plea against ZEEL. In 2019, the main borrower Siti Networks’ account…
