NCLAT rejects IDBI Bank's insolvency plea against Zee over Rs 150 cr dues

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NCLAT rejects IDBI Bank's insolvency plea against Zee over Rs 150 cr dues - Business Standard

Quick Summary:

This special provision was inserted in the IBC by the government to help borrowing companies after economic activities had resumed following the COVID-19 lockdown.

In the DSRA, a credit balance equal to two quarters of interest on the working capital was to be maintained by Siti Networks at all times until repayment.

Siti Networks had taken a loan of Rs 150 crore as a working capital facility, and as per the agreement, it was required to maintain a Debt Service Reserve Account (DSRA).