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NCLAT rejects IDBI insolvency petition against Zee
Mint Bangalore
|April 08, 2025
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 firm over unpaid dues of around ₹150 crore.
The top insolvency court upheld an order by the National Company Law Tribunal (NCLT), Mumbai, which ruled that IDBI Bank's claims were covered under Section 10A of Insolvency and Bankruptcy Code, 2016. Section 10A blocks insolvency proceedings for defaults during covid-19 or between 25 March 2020 and 25 March 2021. Zee argued its guarantee was limited and did not cover the entire debt.
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