On Wednesday, the National Company Law Appellate Tribunal (NCLAT) postponed the hearing regarding IDBI Bank’s appeal against Zee Entertainment Enterprises regarding the initiation of insolvency proceedings. The next hearing is now slated for November 8.
IDBI Bank aims to recover approximately Rs 150 crore in unpaid dues from Zee.
NCLT had issued a notice to Zee, recognizing the significance of the case, and instructed both parties to submit their responses and rejoinders.
IDBI Bank challenged NCLT’s Mumbai bench’s decision May 19, which rejected its plea to commence insolvency proceedings