In a relief for Zee Entertainment Enterprises Ltd, the National Company Law Appellate Tribunal (NCLAT) has dismissed the insolvency plea filed by IDBI Bank against the media company over unpaid dues of around ₹150 crore.
The top insolvency court upheld an earlier order by the National Company Law Tribunal (NCLT), Mumbai, which ruled that IDBI Bank’s claims were covered under Section 10A of the Insolvency and Bankruptcy Code (IBC), 2016.
Section 10A of IBC blocks insolvency proceedings for defaults that happened during the covid-19 period, from 25 March, 2020, to 25 March, 2021. Zee argued that its guarantee was limited and did not cover the entire debt.
NCLAT allowed IDBI Bank to file a fresh insolvency case for defaults that happened…
