However, the default was committed during the timeline specified under section 10A of the IBC.Īccording to section 10A, no application for corporate insolvency resolution process can be filed against any debtor by any financial and operational creditor for any default arising on or after March 25, 2020, for a one-year period. NCLT's order said that ZEEL was the corporate guarantor for the load taken by Siti Networks. Zeel informed in a regulatory filing that an appeal has been filed by IDBI Bank Limited before the NCLAT, Delhi, challenging the order passed by the NCLT dated May 19, 2023. The petition for the same has been listed for hearing today before a bench comprising Justice Ashok Bhushan and Member Barun Mitra. The IDBI Bank has reportedly moved the National Company Law Appellate Tribunal (NCLAT) against Zee, challenging the order passed by National Company Law Tribunal (NCLT), which rejected its plea to initiate insolvency against the media company.
The compensation and benefits are driven more by market pricing reflecting the intent of the industry to hire and retain the best. The survey also says that 80 per cent to 100 per cent of the employees are covered under annual salary increase policy, and 30 per cent of the companies have a biannual salary hike policy in place. It further reveals that 75 per cent of the companies provide housing deposit to upper and middle management, 9 per cent of the companies provided company leased accommodation, while 20 per cent reimbursed rent of the employee. The survey also reveals that contrary to popular belief, 60 per cent of the employees do not work in shifts. This was found by a survey recently conducted jointly by the Internet and Mobile Association of India (IAMAI) and Ma Foi. About 17 per cent of the organisations surveyed have a profit sharing plan in place for senior and top management. Superior performances in the Internet and mobile content and services industry are rewarded by out of turn salary hikes, faster growth opportunities, performance bonuses and recognition.
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