Zee Entertainment Enterprises Ltd

Zee Entertainment Enterprises Ltd received major relief when the National Company Law Appellate Tribunal (NCLAT) dismissed an insolvency petition filed by IDBI Bank. The tribunal decided that the default qualified for exclusion from insolvency proceedings under Section 10A of the Insolvency and Bankruptcy Code (IBC) 2016 because it occurred during the COVID-19 period. Zee Entertainment Enterprises Ltd established that its guarantee limited to interest payments of the ₹50 crore loan for Siti Networks excluded coverage of the entire debt amount. The tribunal established that the demand notice issued by IDBI Bank in March 2021 came within the time frame protected by the pandemic. Zee Entertainment Enterprises Ltd started the dispute through a 2012 agreement which required the company to maintain a debt service reserve account. The bank invoked this guarantee in March 2021 when the borrower account had already become an NPA since December 2019. The tribunal granted IDBI permission to pursue a new case if the default occurred beyond Section 10A's time limitations. Zee resolved an earlier insolvency case filed by IndusInd Bank through a settlement agreement.

What's Hot

TripDude: Transforming Travel with Tailor-Made Holiday Packages for Every Adventurer

US Tariff War Hurting Trade with China; M&S Faces Cyber-Attack Disruption

New ATM Transaction Rules to Come into Effect from May 1

Virus Susceptibility in Species: Study Reveals Surprising Findings

Effective Yoga Poses to Naturally Manage Blood Sugar Levels

Health Budgets Of States Fall Below 8%, Missing National Health Policy Targets

The Connection Between Diet and Organic Skincare – Foods for Healthy Skin

Priyanka Chopra’s Stunning Desi Look Steals the Spotlight at Her Brother’s Wedding Festivities

Jana Nayagan: Vijay Wields a Whip in Stunning 2nd Look Poster, Thrilling Fans

Assam’s Jatin Goswami Honored with Padma Bhushan for Sattriya Legacy

Vijay Vikram Singh Urgently Appeals for Respect Amidst Intense Backlash from Rajat Dalal Fans: ‘I Am Not Bigg Boss

Hindon: Incredible Air India Express Flights to Start from March 1 with Low Fares

Indian government approves Singapore Airlines bid to merge Vistara and Air India

Independence Day and Raksha Bandhan Fuel Airbnb Travel Rush

Virus Susceptibility in Species: Study Reveals Surprising Findings

Hindon: Incredible Air India Express Flights to Start from March 1 with Low Fares

Bachchan’s ₹83 Crore Duplex Sale Sparks Unbelievable Investment Growth

Kartik Aaryan’s Fitness Secret: How He Achieved a Stunning Transformation

Browsing: Zee Entertainment Enterprises Ltd