IDBI Bank moves NCLAT against Zee; challenges NCLT order

IDBI bank has moved the National Company Law Appellate Tribunal (NCLAT) against Zee Entertainment to challenge an NCLT order, which rejected the private lender’s plea to initiate insolvency proceedings against the media major.

IDBI’s petition has been listed for hearing on Wednesday before a bench comprising Chairperson Justice Ashok Bhushan and Member Barun Mitra.

The Mumbai bench of the National Company Law Tribunal (NCLT) had on May 19, 2023, set aside the bank’s plea, seeking insolvency against media major Zee Entertainment, observing that it was barred under Section 10A of the Insolvency & Bankruptcy Code (IBC).