IDBI-Zee Case: NCLAT To Hear Case On August 31

The NCLAT (National Company Law Appellate Tribunal) on Thursday has agreed to hear plea by IDBI Bank that is seeking insolvency proceedings against Zee entertainment on August 31. This comes days after NCLT (National Company Law Tribunal) dismissed all objections in the merger case and approved the merger of Zee Entertainment and Sony India.

The case is regarding to the lender's insolvency plea against zee entertainment.

The next hearing for the case has now put on August 31.

Earlier on May 10, NCLT has rejected the IDBI plea seeking to initiate the the insolvency plea against zee entertainment.

IDBI Plea

IDBI Bank has moved the National Company Law Tribunal (NCLT) against Zee Entertainment Enterprises Ltd (ZEEL) seeking an insolvency proceeding against the media firm to recover dues of Rs 149.60 crore. IDBI Bank has claimed an amount of Rs 149.60 crore, which has been disputed by ZEEL.

IDBI Bank has filed an application under section 7 of the Insolvency and Bankruptcy Code, 2016, claiming to be a financial creditor, before NCLT for initiation of Corporate Insolvency Resolution Process against the company.

Zee shares

The shares of Zee shares of Thursday at 1:22 pm IST were at Rs 273.40, down by 0.94 percent.