NCLAT adjourns hearing on IDBI Bank to Dec 6

New Delhi The National Company Law Appellate Tribunal (NCLAT) on Wednesday adjourned its hearing to December 6 over the plea of IDBI Bank seeking to initiate insolvency proceedings against Zee Entertainment.

A three-member NCLAT bench deferred the hearing after the counsel appearing in the matter sought an adjournment to complete the pleadings. IDBI Bank in its plea has challenged the order of the Mumbai bench of the National Company Law Tribunal (NCLT), which, on May 19, 2023, had set aside the insolvency plea against the media major, observing that it was barred under Section 10A of the Insolvency & Bankruptcy Code (IBC).