MUMBAI : The National Company Law Tribunal dismissed an application by IDBI Trusteeship to initiate corporate insolvency resolution of Cyquator Media Services, a promoter group company of Zee Entertainment Enterprises Ltd.
Financial creditor IDBI Trusteeship filed a petition under Insolvency and Bankruptcy Code (IBC) for default in repayment of 600 crore.
We are of the considered view that, in this case, the default took place in the month of June 2020, which is clearly covered under the period excluded under Section 10A of the Code. That being so, the instant petition cannot be maintained being barred by Section 10A of the Code and is dismissed,” Justices Kuldip Kumar Kareer and Anuradha Bhatia said in the order.
Under Section 10A…
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