The National Company Law Appellate Tribunal (NCLAT) on Wednesday deferred the hearings for Zee-IDBI case and scheduled the next hearing to November 8. The hearing today was on IDBI's plea against Zee Entertainment Enterprises over the initiation of insolvency proceedings against the company.
The bank is trying to recover unpaid dues of Rs 150 crore from Zee. In the previous hearing the company was asked to acknowledge the importance of the case by the tribunal. Both the parties were asked to submit their responses and rejoinders.
IDBI Bank had challenged the NCLT order by the Mumbai bench, approving the merger of Sony Pictures with Zee Entertainment. The case is regarding the lender's insolvency plea against Zee entertainment.
IDBI Bank had 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.