In a significant relief to broadcaster Zee Entertainment Enterprises, the Mumbai bench of the National Company Law Tribunal (NCLT) on Friday rejected an insolvency petition filed against it by IDBI Bank. On 15 December last year, the lender sought the initiation of the corporate insolvency resolution process (CIRP) against Zee, alleging default of a Rs149 crore loan.
However, after multiple rounds of hearings, the NCLT bench led by Justice Kishore Vemulapalli and member Prabhat Kumar, dismissed the petition on Friday. In view of the forgoing discussion, this bench is of the considered view that the present application is barred by section 10A of the Code.This application is also not maintainable on the ground that it is not in accord…
Read the full article at: https://www.livemint.com/companies/news/zee-entertainment-wins-insolvency-case-against-idbi-bank-clears-path-for-merger-with-sony-pictures-amid-legal-hurdles-11684520207656.html