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Published: Aug 3, 2023 10:40 AM | 1 min read
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The National Company Law Appellate Tribunal (NCLAT) has deferred the hearing of IDBI Bank's plea, challenging the order passed by National Company Law Tribunal (NCLT) that has rejected its appeal to initiate insolvency against ZEE Entertainment.
The matter will now be taken up on August 17.
NCLT's order said that ZEEL was the corporate guarantor for the load taken by Siti Networks. However, the default was committed during the timeline specified under section 10A of the IBC.
IDBI Bank in March 2021 invoked the guarantee provided by ZEEL asking for a payment of Rs 61.97 crore along with interest from February 2021.
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