IDBI's plea against Zee dismissed by NCLAT

The National Company Law Appellate Tribunal on Monday dismissed IDBI Bank's insolvency plea against Zee Entertainment Enterprises over unpaid dues of around ₹150 crore.

- BHAVINI MISHRA

The appellate tribunal upheld an earlier order of the National Company Law Tribunal (NCLT), Mumbai, which held that IDBI Bank's claims were covered under Section 10A of the Insolvency and Bankruptcy Code (IBC), 2016.

Section 10A of the IBC temporarily suspended the initiation of insolvency proceedings for defaults occurring between March 25, 2020, and March 25, 2021, to provide relief to borrowers during the pandemic.