New Delhi: The National Company Law Appellate Tribunal (NCLAT) on Thursday agreed to hear IDBI Bank’s appeal against the National Company Law Tribunal (NCLT) order, as per media reports.
The case is regarding IDBI pertaining to the lender’s insolvency plea against media major Zee Entertainment Enterprises Limited (ZEEL).
IDBI has now sought a week’s time to file additional documents. The next date of hearing is August 31.
NCLT’s Mumbai bench in May had refused to entertain IDBI’s plea noting that it was barred under Section 10A of the Insolvency and Bankruptcy Code (IBC), media reports said.
Section 10A mandates that no application for initiation of corporate insolvency resolution process (CIRP) can be filed against any debtor by any financial and operational creditor for any default arising on or after March 25, 2020, for a period of one year.
–IANS
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