The National Company Law Appellate Tribunal (NCLAT) has deferred the hearing of the insolvency case involving IDBI Bank and Zee Entertainment Enterprises Limited (ZEEL), a part of the Essel Group, to November 8, 2023. This decision was made on Wednesday, following IDBI Bank’s insolvency plea against ZEEL over unpaid dues amounting to Rs 150 crore (approximately $2 million).
The NCLAT directed both parties to fully comprehend the gravity of the case and submit their responses accordingly. IDBI Bank, positioned as a financial creditor, is disputing an order from the National Company Law Tribunal’s (NCLT) Mumbai bench that sanctioned Sony (NYSE:) Pictures’ merger with Zee Entertainment. The bank initiated a Corporate Insolvency Resolu…
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