SC agrees to hear IDBI Trusteeship Services' appeal against two Zee companies
Two promoter companies of ZEEL have been given four-week period by the SC to respond to the notices.
Source: afaqs.com
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Insolvency: SC issues notice to 2 Essel group firms on IDBI Trusteeship's plea
Cyquator Media Services and Direct Media Distribution have been given four weeks by the Supreme Court to respond to the notices
Source: moneycontrol.com
IDBI-Essel case: SC agrees to hear IDBI Trusteeship Services' appeal, issues notice to Essel group entities
The Supreme Court has asked a response from Essel group firms, Cyquator Media Services Pvt Ltd and Direct Media Distribution Ventures, on the appeal against a National Company Law Appellate Tribunal's (NCLAT) September order that rejected its insolvency plea against the firms. The NCLAT dismissed an insolvency petition against Direct Media Ventures and two days later, the insolvency petition against Cyquator Media, a promoter group company of Zee Entertainment Enterprises.
Source: indiatimes.com
Insolvency plea against Essel entity Cyquator dismissed
In its petition against Cyquator Media, IDBI Trusteeship had invoked the provisions of Section 7 Insolvency and Bankruptcy Code read with Rule 4 of Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016 for resolution of financial debt worth ₹599 crore.
Source: indiatimes.com