NCLAT dismissed IDBI Bank’s insolvency plea against Zee Entertainment, ruling that the default occurred during the COVID-19 period was protected under Section 10A of the IBC
The New Delhi Bench of the National Company Law Appellate Tribunal (NCLAT) ruled that an insolvency application filed by IDBI Bank Limited against Zee Entertainment Enterprises Ltd. (ZEE) was not maintainable as the alleged default occurred during the COVID-19 suspension period protected under Section 10A of the Insolvency and Bankruptcy Code (IBC), 2016.
IDBI Bank Limited, the appellant, had approached the National Company Law Tribunal (NCLT), Mumbai, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against ZEE based on a corporate guarantee…
