In a significant legal development on Monday, the National Company Law Appellate Tribunal (NCLAT) dismissed IDBI Bank’s appeal to initiate insolvency proceedings against Zee Entertainment Enterprises Ltd (ZEEL). The appellate tribunal upheld the decision made by the Mumbai bench of the National Company Law Tribunal (NCLT), which had previously rejected the private lender’s request. However, the NCLAT did offer IDBI Bank an opportunity to file a fresh plea for a default outside the timeline defined under Section 10A of the Insolvency and Bankruptcy Code (IBC).