New Delhi, April 7 -- The National Company Law Appellate Tribunal (NCLAT) on Monday rejected an appeal filed by IDBI Bank against Zee Entertainment Enterprises Limited (ZEEL), marking the latest development in a long-standing insolvency dispute.

The appeal had challenged a previous National Company Law Tribunal (NCLT) ruling that dismissed IDBI Bank's insolvency petition over an alleged default of Rs.150 crore. According to a Bar and Bench report, the appellate tribunal upheld the lower court's view, while granting IDBI Bank the liberty to initiate fresh proceedings for any default outside the period protected under Section 10A of the Insolvency and Bankruptcy Code (IBC), 2016.

As per Bar and Bench, NCLAT supported the NCLT's interpreta...