New Delhi, Apr 7 (PTI) The National Company Law Appellate Tribunal (NCLAT) on Monday dismissed the plea of IDBI Bank which sought to initiate insolvency proceedings against Zee Entertainment.
A two-member NCLAT bench upheld the order passed by the Mumbai bench of the National Company Law Tribunal (NCLT), which had earlier rejected the private lender’s plea to initiate insolvency proceedings against Zee Entertainment Enterprises Ltd (ZEEL).
However, the appellate tribunal granted liberty to IDBI Bank to move a fresh plea for default outside of the period mentioned in section 10A of the Insolvency & Bankruptcy Code.
Section 10A mandates that no application for initiation of the corporate insolvency resolution process (CIRP) can be…
