NCLAT halts NCLT’s order allowing insolvency proceedings against Zee Learn

The National Company Law Appellate Tribunal (NCLAT) has set aside an NCLT order allowing insolvency proceedings against the Essel group firm Zee Learn and directed the Mumbai bench of NCLT to pass a fresh order.

Earlier on February 10, the National Company Law Tribunal (NCLT) had admitted the plea filed against Zee Learn by its financial creditor Yes Bank Ltd (YBL) and directed to initiate insolvency proceedings against it.

This was immediately challenged by Zee Learn before the appellate tribunal NCLAT, which “allow this Appeal and set aside the order dated February 10, 2022”.